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THE SCENARIO
Last time, I talked about a loan I was looking at recently. It's got a current balance of $198,984.80, a monthly P&I (Principal and Interest) payment of $1050.31, and has received 60 payments so far from the borrower. Its interest rate, as determined
last time, is 4.00%.
The question: What was the original balance of the loan?
THE SOLUTION
This is very straightforward. We already have every piece of information we need to solve it.
First things first, make sure the calculator i...
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