Register
A buyer has a 30 year, $750,000 loan with a 5. 75% interest rate. How much is the first monthly payment?
4.8k views
10 votes
A buyer has a 30 year, $750,000 loan with a 5. 75% interest rate. How much is the first monthly payment?

User Samuel Slade
by
6.6k points

1 Answer

9 votes
Answer: $3,593.75
Explanation: Multiply the principal balance by the interest rate: $750,000 x . 0575 = $43,125;. Then find the monthly rate by dividing $43,125 by 12 to get $3,593.75.
User Marielena
by
6.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

7.4m questions

10.0m answers

Other Questions

In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is meant by data mining ?
You sell popcorn during your schools football games. Knowing that the people usually buy more when the price is lower, how would you price your popcorn after halftime?
Identify the advantages and disadvantages of a command economy.
How can life expectancy and literacy rates affect the quality of labor in the economy?
Link Copied!