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:
[tex]=\frac{230,000}{0.066\times 30}[/tex]
[tex]=\frac{230,000}{1.98}[/tex]
= $116,161.616
Therefore, the loan amount is $116,161.616.
