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If a borrower obtains an interest-only loan of $112,500 at an annual interest rate of 6%, what is the monthly interest payment (rounded to the nearest $1)?
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If a borrower obtains an interest-only loan of $112,500 at an annual interest rate of 6%, what is the monthly interest payment (rounded to the nearest $1)?

User Mgamerz
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1 Answer

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Loan amount = $112,500
Annual interest rate = 6% = 0.06

Interest per year = Principal amount * Annual interest rate = 112,500*0.06 = $6,750

Monthly payment interest = Annual interest/12 = $6,750/12 = $562.50
User Alkalinity
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