Can anyone please help me solve this math question? I do not understand it...
a bank gives a mortgage loan for 80% of the sales price at an interest rate of 8%. the interest portion of the first month's payment is $192. What is the selling price?
$36000. My poor math skills. 192x12=2304 yearly interest. 2304\.08=28800. 28800/.8=36000.
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