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Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the interest to the
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Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the interest to the nearest cent.

User Meeh
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1 Answer

2 votes
Have you considered calculating it directly? $2,962.40*(0.06/12)
If you do that then your answer would be 14.81...
Hope this helps... :)
User Bora Alp Arat
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