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Rus_ich [418]
3 years ago
15

Ciara and Sydney want to buy 209,000 home. They pay 15% as a down payment, and take out a 30 year loan at 6.05% interest for the

balance. How much of the first payment is interest?
Mathematics
1 answer:
ozzi3 years ago
3 0

Answer: $10,747.83

Step-by-step explanation:

The first interest payment is based on the full amount of the loan because no principal has been paid off yet.

Loan is:

= 209,000 * ( 1 - 15%)

= $177,650

Interest = 177,650 * 6.05%

= $10,747.83

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