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1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For the first payment?

1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For the first payment?
asked 176k views
4 votes
1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For

the first payment?

asked
User Folibis
by
8.3k points

1 Answer

2 votes

Answer:

$600

Explanation:

P = L[c(1 + c)^n]/[(1 + c)^n - 1]

answered
User Gavriel Cohen
by
7.9k points
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