<em>The</em><em> </em><em>right</em><em> answer</em><em> is</em><em> </em><em>(</em><em>-</em><em>3</em><em>)</em><em>^</em><em>3</em><em> </em><em>x</em><em>^</em><em>5</em>
<em>pl</em><em>e</em><em>a</em><em>s</em><em>e</em><em> </em><em>see</em><em> </em><em>the</em><em> attached</em><em> </em><em>picture</em><em> for</em><em> full</em><em> solution</em>
<em>hop</em><em>e</em><em> it</em><em> </em><em>helps</em><em>.</em><em>.</em><em>.</em>
<em>Good</em><em> </em><em>luck</em><em> on</em><em> your</em><em> </em><em>assignment</em><em>.</em><em>.</em>
Answer:
The principal amount was $23,393.45
Step-by-step explanation:
The total amount paid on a 35 year loan was $98,000 at the rate of interest 4.1%
We will calculate Principal amount by this formula
Where A = amount (98,000)
P = Principal amount (P)
r = rate of interest 4.1% (0.041)
n = number of compounding interest monthly (12)
t = time (35 years)
98,000 = P(4.189386)
= 4.189386P = 98,000
P =
P = 23,392.4494 ≈ $23,392.45
The principal amount was $23,393.45
