Mortgage Amount: $146,800.00 APR: 5.25 percent Term: 30 years a. Calculate the monthly payment: $______ b. Calculate the total interest paid: $______
Question
Answer:
divide 146800.00 by 30 to get yearly and then by 12 to get monthly146800/30/12=407.78
times that by 1.0525 for the monthly interest payment 429.19 is your first answer.
for total interest paid 146800*1.0525= 223870-146800=77,070 the second one which is the answer for hope this helps
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