Answer:
loan amount = $307,000
Step-by-step explanation:
given data
monthly payment = $1,980
monthly loan constant = 6.45
to find out
loan amount
solution
we get here loan amount that is express as
loan amount = ( monthly payment ÷ monthly loan constant ) × 1000 .........1
put here value
loan amount = ( 1980 ÷ 6.45 ) × 1000
loan amount = $307,000
