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Tommy Webster obtained a 30-year, $110,000.00 mortgage loan from People's Savings. The interest rate is 7.5 percent. For the first payment, what is the interest?

Tommy Webster obtained a 30-year, $110,000.00 mortgage loan from People's Savings. The interest rate is 7.5 percent. For the first payment, what is the interest?
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5 votes
Tommy Webster obtained a 30-year, $110,000.00 mortgage loan from People's Savings. The interest rate is 7.5 percent. For the first payment, what is the interest?

asked
User Viren Kalkhudiya
by
7.8k points

1 Answer

7 votes
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.
answered
User Sambomartin
by
9.0k points
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