The kellermans recently purchased a home. They borrowed $156,000 at 4.8% interest for 30 years. (360 payments). Their monthly payment is $790.43. How much of the first payment is interest?

Question

anonymous · Answer

do you have a formula for this?  almost all is interest at the beginning but a formula would really help

anonymous · Answer

nope no formula..sorry

anonymous · Answer

hmmm how are you supposed to do it then?

anonymous · Answer

I really don't know thats why im asking. I guess they just want how much the interest is monthly not just in the beginning.