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natta225 [31]
2 years ago
9

A borrower has a monthly payment of $1,980 on a loan with a monthly constant of 6.45. What is the loan amount (to the nearest hu

ndred)
Mathematics
1 answer:
serious [3.7K]2 years ago
4 0

Answer:

loan amount  = $307,000

Step-by-step explanation:

given data

monthly payment = $1,980

monthly loan constant = 6.45

to find out

loan amount

solution

we get here loan amount that is express as

loan amount = ( monthly payment ÷ monthly loan constant ) × 1000 .........1

put here value

loan amount = ( 1980 ÷ 6.45 ) × 1000

loan amount  = $307,000

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