Final answer:
The question is a financial mathematics problem related to loan amortization. Layla has a loan with a monthly payment of $1055.25, and the stated first payment interest is $1,011.67. The calculation of interest is based on multiplying the principal by the monthly interest rate.
Step-by-step explanation:
The student's question falls under the category of loan amortization, which is a part of Mathematics, specifically financial mathematics. When Layla takes out a loan for $100,000 at an interest rate of 12.5% for 35 years with a monthly payment of $1055.25, the amount of interest paid for the first payment is $1,011.67. To calculate the amount of interest paid in the first payment, you can multiply the principal by the monthly interest rate.
If we assume the interest is compounded monthly, the monthly interest rate would be the annual rate divided by 12. For Layla's loan, the monthly interest rate is 12.5% / 12 = 1.04167%. So, the first month's interest would be $100,000 × 1.04167% = $1,041.67. As the question states, the amount of interest Layla paid is $1,011.67, which indicates that there might be a discrepancy between the computed and stated interest. It's important to review the calculations or check with the loan conditions to ensure the interest computation aligns with the lender's terms.