A mortgage is paid off in 30 years with a lump sum payment of $124.000. It had a 2% interest rate that compounded monthly
What was the principal?
Round your answer to the nearest cent and do not include the dollar sign. Do not round at any other point in the solving
process; only round your final answer.

  68086.64

Step-by-step explanation:

The future value formula can be used.

  FV = P(1 +r/n)^(nt)

The future value of principal P at annual rate r compounded n times per year for t years.

  124000 = P(1 +0.02/12)^(12·30) = P·1.82120898

  P = 124000/1.82120898 ≈ 68086.64

The principal was $68,086.64.

step-by-step explanation:

all group life insurance is term insurance. actually it is annual renewable term and it is rated on the average age and claims experience of the entire group, which is called "experience rating." remember, this type of insurance has a 31-day grace period and is convertible to whole life upon leaving employment. a contributory group plan requires that both the employer and the employees pay part of the premium. at least 75% of those eligible must participate, so the group is sure to get most of the healthy employees as well as those that are sick.

step-by-step explanation: