yolanda bright obtained 30-year, 45,000 mortgage loan. the interest rate is 6 percent. how much go her first payment is for interest?

Question

 i need help

Answer 1

The principal is $45,000 and the interest rate per MONTH is 0.06/12 = 0.005; I = 0.005(45,000) = $ 225.00.

 

Alternatively, I = Prt  t = 1/12, r = 0.06, P  = 45000.

 

Answer $225