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Jim takes out a mortgage for 30 years at an interest rate of 2.49% and his monthly repayments are $986.50. What is the principal loan amount? Round your answer to the nearest ten thousand dollars. Do NOT round until you have calculated the final answer.

Respuesta :

Answer:

250000

Step-by-step explanation:

P=986.50(1-(1+.0249/12)^-(12)(30) Then divide the answer you get by (.0249/12)

Answer: 250,000

Step-by-step explanation:

We must apply the formula for P0, that is,

P0=986.50(1−(1+0.024912)−30⋅12)(0.024912),

which gives P0=$250,000 to the nearest $1.

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