Al Bank is worried about financing of his new home. The house sells for $490,000. If he puts down 20 percent, what will Al's mon
1 answer:
You might be interested in
If you are asking to simplify, this is what I got. Hope I was able to help
Answer:
You have to invest $6,250
Step-by-step explanation:
very simple applying the simple interest formula which is
Given data
A, final amount = $10,000
P, initial principal balance= ?
r, annual interest rate = 7.5%
t, time (in years)= 8 years
we can substitute our given data to find the principal needed.
Divide both sides by 1.6 we have
P= $6,250