Respuesta :
Answer:
The amount which she borrow as house loan is $ 48514.56
Step-by-step explanation:
Given as :
The house loan per month afford by Kylie = $1310
The period of loan = 25 Years
The annual rate compounded monthly = 8.4%
Principal = $ P
∵ The per month loan afford amount = $1310
So, The amount afford in 25 years = $1310 × 25 × 12
Or, The amount afford in 25 years = $393,000
Now, from compounded method :
Amount = Principal × [tex](1+\frac{Rate}{12\times 100})^{12\times Time}[/tex]
Or, $393,000 = $ P × [tex](1+\frac{8.4}{12\times 100})^{12\times 25}[/tex]
Or, $393,000 = $ P × [tex](1.007)^{300}[/tex]
Or, $393,000 = $ P × [tex]\frac{393,000}{8.10066}[/tex]
∴ P = $ 48514.56
Hence The amount which she borrow as house loan is $ 48514.56 Answer
Answer:
The is ($1310)((1+0.007)^300-1)/(0.007)(1+0.007)^300
Step-by-step explanation:
