Answer:
The loan was $28184.81
Step-by-step explanation:
Let the loan amount be x
Rate of interest on Loan = 9%
Time = 8 years
Amount of loan over 8 years = $56160
Formula : [tex]A=P(1+r)^t[/tex]
Where A = Amount =56160
P = Principal = x
r = rate of interest = 9% = 0.09
t = time = 8 years
Substitute the values in the formula :
So,[tex]56160=x(1+0.09)^8[/tex]
[tex]\frac{56160}{(1+0.09)^8}=x[/tex]
$28184.81=x
Hence The loan was $28184.81
