A loan is paid off in 30 years with a total of $99,000. It had a 3% interest rate that compounded monthly. What was the principal?

The principle will be "40295.63". A further explanation is given below.

Step-by-step explanation:

The given values are:

Total amount,

A = 99,000

Rate of interest,

R = 3%

Time period,

T = 30 years

  = 360 months

As we know,

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On substituting the values, we get

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