Calculate the Original Loan Amount with Monthly Payment and APR

Explanation:

The Loan Calculation Formula:

The loan calculation formula used to determine the original loan amount when given the monthly payment, interest rate, and loan term is:

P = r(PV) / [1 - (1 + r)^-n]

Where:

  • P is the monthly payment ($281.71)
  • r is the monthly interest rate (4.28% APR or approximately 0.00356 per month)
  • PV is the present value or original loan amount (unknown)
  • n is the number of payments (assumed to be 120 months for a typical 10-year repayment plan)

Since the question does not provide the original loan amount, you can use an online loan calculator to input the monthly payment, interest rate, and loan term for a more accurate calculation.

Calculating the original loan amount without a specific formula or value requires a complex calculation that may not yield an accurate result.

For better accuracy and ease of calculation, using an online loan calculator is recommended.

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