Answer
$\$ 583,770.65$
Work Step by Step
(see p. 870)
If a loan $A_{p}$ is to be repaid in
$n$ regular equal payments with
interest rate $i$ per time period,
then the size $R$ of each payment is given by
$R=\displaystyle \frac{iA_{p}}{1-(1+i)^{-n}}$
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Solve for $A_{p},$ multiply both sides with $\displaystyle \frac{1-(1+i)^{-n}}{i}$
$A_{p}=R\displaystyle \times\frac{1-(1+i)^{-n}}{i}$
$n=30(12)=360,$
$i=\displaystyle \frac{0.06}{12}=0.005$.
$R=3500$
$A_{p}=3500\displaystyle \times\frac{1-(1.005)^{-360}}{0.005}=\$ 583,770.65$
