The Thornberries are buying a $700,000 home. They have been approved for a 2.51% APR, 25-year mortgage. They made a 25% down payment and will be closing January 25th. There are 31 days in January.
a. what is their interest on the loan for one year?
b. what is the daily interest?
c. how much should they expect to pay in prepaid interest at the closing?