Answer: $191.67
Step-by-step explanation:
When paying back mortgages, the monthly payment has two components: an interest payment component and a principal repayment component.
The interest payment component is based on the total amount of debt still to be paid at the time and the principal repayment component is the rest of the payment after the interest has been deducted.
This interest is in a yearly rate so should be combined to a monthly rate as the payments are monthly:
= 5% / 12
= 5/12%
Interest = Mortgage remaining * interest rate
= 46,000 * 5/12%
= $191.67
Answer:
Step-by-step explanation:
