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artcher [175]
3 years ago
12

If a borrower obtains an interest-only loan of $112,500 at an annual interest rate of 6%, what is the monthly interest payment (

rounded to the nearest $1)?
Mathematics
1 answer:
sineoko [7]3 years ago
7 0
Loan amount = $112,500
Annual interest rate = 6% = 0.06

Interest per year = Principal amount * Annual interest rate = 112,500*0.06 = $6,750

Monthly payment interest = Annual interest/12 = $6,750/12 = $562.50
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