126k views
4 votes
I don’t understand how to do this.

I don’t understand how to do this.-example-1

1 Answer

4 votes

Answer:

6000

Explanation:

Interest of 3% a year of principal of 200,000 = 6000

monthly payment of 843 also includes a portion of amortization of the principal itself, which you can ignore cause the question only asked for the interest portion.

this is an unclear question cause it didn't say PER YEAR interest paid. you only need to remember interest% * principal = ANNUAL interest payment $. Then you can divide that over 12 months, which is 500$ per month.

User Khex
by
7.9k points