Question

Need help with 3 and 4 consumer math plz

Answer 1

Answer:

3) C) $792.50

4) D) $707.50

Step-by-step explanation:

3) Home price = $ 253,600

Mortgage rate = 3.75% APR

Therefore, monthly rate = 3.75% divide by 12

= 0.0375/12

= 0.003125

1st month interest = principle * 0.003125

= 253600*0.003125

=$792.50

3) Answer: $792.50

4) You paid $1500

The first monthly interest = $792.50

Principal paid in the first month = 1500 - 792.50

= $707.50

Answer: D) $707.50

Thank you.