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chubhunter [2.5K]
3 years ago
13

Jim takes out a mortgage for 30 years at an interest rate of 2.49% and his monthly repayments are $986.50. What is the principal

loan amount? Round your answer to the nearest ten thousand dollars. Do NOT round until you have calculated the final answer.
Mathematics
1 answer:
trasher [3.6K]3 years ago
4 0

Answer:

250000

Step-by-step explanation:

P=986.50(1-(1+.0249/12)^-(12)(30) Then divide the answer you get by (.0249/12)

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