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If a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877, how much was the loan amount (rounded to the nearest hundred)<…

If a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877, how much was the loan amount (rounded to the nearest hundred)<…
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8 votes
If a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877, how much was the loan amount (rounded to the nearest hundred)

asked
User Juangcg
by
8.8k points

1 Answer

10 votes

Answer:

$144,200

Step-by-step explanation:

answered
User Jnewbery
by
8.3k points
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