A loan is paid off in 15 years with a total of $192,000. It had a 4% interest rate that compounded monthly.

What was the principal?

$105,477.02

Step-by-step explanation:

To solve this problem, we need to use a modified version of the compound interest formula:

A = total balance

r = interest rate

n = number of times compounded annually

t = time

First, change 4% to its decimal form:

4% -> -> 0.04

Now, plug in the values:

The principal was $105,477.02

2

step-by-2step explanation:

207/8 is the right