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1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For the first payment?
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4 votes
1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For

the first payment?

User Folibis
by
5.1k points

1 Answer

2 votes

Answer:

$600

Explanation:

P = L[c(1 + c)^n]/[(1 + c)^n - 1]

User Gavriel Cohen
by
4.3k points
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