Respuesta :
Answer:
$32,256
Explanation:
We'll use the below formula to solve the given question;
[tex]P_0=\frac{d(1-(1+\frac{r}{k})^{-Nk})}{(\frac{r}{k})}[/tex]where P = the principal amount
d = the loan payment per month = $336
r = annual interest rate in decimal = 3.3% = 3.3/100 = 0.033
k = number of compounding periods in one year = 12
N = length of loan in years = 8
Let us substitute the above values into our formula and solve for P as seen below;
[tex]P_0=\frac{200(1-(1+\frac{0.033}{12})^{-8\cdot12})}{\frac{0.033}{12}}_{}[/tex][tex]P_0=\frac{200(1-(1.00275)^{-96})}{0.00275}[/tex][tex]P_0=\frac{200(0.23174814556)}{0.00275}[/tex][tex]P_0=\text{\$}16,854.41[/tex]We can see from the above that the starting amount of the loan is $16,854.41. But the total money to be paid to the loan company will be $32,256 that is $336 per month for 96 months (8 years)
