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.
