17.4k views
0 votes
Need help with 3 and 4 consumer math plz

Need help with 3 and 4 consumer math plz-example-1

1 Answer

0 votes

Answer:

3) C) $792.50

4) D) $707.50

Explanation:

3) Home price = $ 253,600

Mortgage rate = 3.75% APR

Therefore, monthly rate = 3.75% divide by 12

= 0.0375/12

= 0.003125

1st month interest = principle * 0.003125

= 253600*0.003125

=$792.50

3) Answer: $792.50

4) You paid $1500

The first monthly interest = $792.50

Principal paid in the first month = 1500 - 792.50

= $707.50

Answer: D) $707.50

Thank you.

User Ikky
by
9.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories