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a bank loan was recently paid off over a period of 15 years for a total amount of $250,000. what was the original principal
amount if the loan had compounded monthly at an interest rate of 4%?
note: round your answer to the nearest cent. preferably, save all the rounding for the very last step in the formula.

$137,339.88

Step-by-step explanation:

Here is the equation for compound interest: A=P(1+(r/n))^nt

where A=amount of money, P=principal, r= rate in decimal, n=number of times compounded per t, and t=time

In this case:

A=$250,000

P= ?

r= 0.04

n= 12 month/yr

t= 15 yrs

You can manipulate the equation to solve for P:

P=A/[(1+(r/n))^nt]

Plug in variables then solve:

P=

P=137339.8761 = $137,339.88

x = 23.78

step-by-step explanation: