Homework SourseYou get a 65 140000 mortgage loan with a monthly payment of
You get a 6.5% $140000 mortgage loan with a monthly payment of $884.90. Calculate interest on the first payment.
You get a 6.5% $140000 mortgage loan with a monthly payment of $884.90. Calculate interest on the first payment.
Solution
Calculate interest on first payment :
Interest on first payment = 140000*6.5%*1/12 = $758.33
