Based on the amount paid monthly and the period of the mortgage, the loan amount is $163,540.19.
The monthly payment is constant so this is an annuity. You can find the present value of an annuity as:
= Loan payment x (1 - (1 + rate) ^-number of periods) / rate
The number of periods is:
= 30 x 12
= 360 months
Rate:
= 8% / 12
= 8/12%
Loan amount is:
= 1,200 x ( 1 - ( 1 + 8/12%)⁻³⁶⁰) / 8/12%
= $163,540.19
Find out more on loan amounts at https://brainly.com/question/1211421.
