Given a mortgage of $288,000 at 3% for 30 years, how much of the first monthly payment is Interest?
1 answer:
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Answer:
Step-by-step explanation:
Slope intercept formula is y=mx+b
(m) is slope
(b) is the y intercept
We'll find slope first.
slope formula is
y2 and x2 are the y and x values of the second equation and y1 and x2 are the y and x values of the first equation.
So we just put the given values into our equation.
Simplify
Now we put this into our y=mx+b
y=0/-3x+b
now we need the (b)
to do this we take the values of one of the coordinates (doesn't matter which) and replace the (y) and (x) in our equation with them.
Solve
1=0+b
b=1
Put this in our formula
Hope this helps! If you have any questions on how I got my answer feel free to ask. Stay safe!