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Question

The monthly payment on a $300,000 30 year mortgage at 6% annual interest rate is$1798.65. What is the interest payment for the first month?

Solutions

VerifiedSolution A

Solution B

Answered 2 years ago

Step 1

1 of 4We have to determine the amount paid for interest for the first month.

Answered 2 years ago

Step 1

1 of 2Monthly interest = $0.5\% \text{ of } \$300,000$

$= \frac{0.5}{100} \cdot \$300,000$

$= \$1500$

Therefore interest payment for the first month is $1500.

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