1. 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.

2 . 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 new balance to the nearest cent.

Question

1. 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.


2 . 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 new balance to the nearest cent.

anonymous · Answer

wouldn't the interest be 6% of $2,962.40? i'm not extremely familiar with finance but that makes sense to me. and the remaining balance would be the amount of money she has before the payment, then subtract the payment plus interest

anonymous · Answer

gosh how long your question been up???