khristina105 khristina105

21-11-2016
Mathematics

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Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the interest to the nearest cent.

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iloveIKCanada iloveIKCanada

21-11-2016

Have you considered calculating it directly? $2,962.40*(0.06/12)
If you do that then your answer would be 14.81...
Hope this helps... :)

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