Please help me on #30 and explain thank you
1 answer:
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1) Split the second term in into two terms.
2) Factor out common terms in the first two terms, then in the last two terms.
3) Factor out the common term
Answer:
$1169.45
Step-by-step explanation:
Using the formula:
where;
Loan amount L = 160000
number of months (n) = 20 × 12 = 240
Lets assume that the interest rate per month c = 6.25% since it is not given.
i.e. (6.25/( 100*12) ) = 5.208 × 10⁻³
∴
P = $1169.45