Question

Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the interest to the nearest cent.

Answer 1

Have you considered calculating it directly? $2,962.40*(0.06/12)
If you do that then your answer would be 14.81...
Hope this helps... :)