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

Question

2 years ago

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ndred)

1 answer:

serious [3.7K] · Answer 1 · 2022-10-14T08:56:53+03:00

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