Karl Metzger plans to invest $5,000 in a partnership with his brother to produce and sell handcrafted violins, zithers, and othe
1 answer:
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Answer:
$116,161.616
Explanation:
Given that,
Total interest paid = $230,000
Time period = 30 year
Annual interest rate = 6.6%
Total interest on loan = Loan amount × Interest rate × Time period
$230,000 = Loan amount × 6.6% × 30 years
Loan amount:
= $116,161.616
Therefore, the loan amount is $116,161.616.