gabivasquez1933 gabivasquez1933
  • 01-12-2019
  • Mathematics
contestada

The total of monthly payments for a three-year loan is $22,317.12. The APR is 4%. How much money was originally borrowed?

Respuesta :

rani01654 rani01654
  • 09-12-2019

Answer:

$717336

Step-by-step explanation:

The total of monthly payments for a 3-year loan is $22317.12.

So, the total amount has to pay back in 3 years is $(22317.12 × 12 × 3) = $803416.32.

Let the amount of money that was originally borrowed is $x and the given APR is 4%.

Then we can write, [tex]x(1 + \frac{4 \times 3}{100}) = 803416.32[/tex]

⇒ 1.12x = 803416.32

⇒ x = $717336 (answer)

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