Tommy Webster obtained a 30-year, $110,000.00 mortgage loan from People's Savings. The interest rate is 7.5 percent. For the fir
st payment, what is the interest?
1 answer:
The interest on the first monthly payment is ...
I = Prt
I = 110,000*7.5%*(1/12)= 687.50
For the first payment, the interest is
$687.50
_____
The time period for the interest rate calculation is 1/12 year.
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