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

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