Kate and Ashton have been approved for a $250,000 15-year mortgage with an APR of 4.2%. How much of their first monthly payment will go to interest, using the simple interest formula?

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jojocottrel04 jojocottrel04

25-04-2022
Mathematics

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Kate and Ashton have been approved for a $250,000 15-year mortgage with an APR of 4.2%. How much of their first monthly payment will go to interest, using the simple interest formula?

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Parrain Parrain · Answer 1 · 2022-04-28T15:15:39+02:00

Based on the size of the mortgage, and the APR, the amount that will go to interest from the first monthly payment by Kate and Ashton is $875.

What is the first interest payment for Kate and Ashton?

First find the monthly interest rate:

= 4.2% / 12 months

= 0.035%

The first monthly payment is:

= Mortgage amount x monthly interest rate

= 250,000 x 0.035%

= $875

In conclusion, their first interest payment is $875.

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