The total amount that Rosa paid on the due date is $2970.
What is the total amount?
Interest on a home equity loan is similar to interest on any other loan, but with the key difference that your home serves as collateral. The interest rate is the percentage of the loan amount you pay each year for borrowing the money. Home equity loan interest rates are lower than credit card or personal loan rates, but higher than traditional mortgages.
The interest rate can be obtained as follows;
$26,400 * 1.5 * 0.075 *
= $26,400 * 0.1125
= $2970