Question

A loan is payed off in 15 years with a total of 250,000. It had 4% interest

Answer 1

$137,339.88

Explanation:

Use the compound interest formula and substitute the values given:

$250,000=P(1+0.0412)12(15)

Simplify using order of operations:

$250,000=P(301/300)180

Solve for P:

P=$250,000(301/300)180≈$137,339.88

Answer 2

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