Question 125457
{{{c=(r/(1-(1+r)^(-N)))*P}}}
where c is the monthly payment, P is the principal, r is the monthly interest rate, N is the total number of months.
c=1856.82
r=6.5/100/12=.005417
N=30*12=360
{{{P=c/((r/(1-(1+r)^(-N))))}}}
{{{P=1856.82/((.005417/(1-(1+.005417)^(-360))))}}}
{{{P=1856.82/(.00632068031)}}}
{{{P= 293769.01}}}
The answer is D.