Question

You purchase a home for $253,600.00 with a mortgage rate of 3.75% APR. How much interest is due after your first month?

$79.25
$660.42
$792.50
$951.00

If you pay $1,500.00 toward the first month's payment in the problem above, how much is applied toward the principal?

$549.00
$1,420.75
$839.58
$707.50

Answer 1

$707.50

Answer 2

Ok, what about the first question? I'm supposed to figure that out first then the second question.

Answer 3

oh i thought it was all one question XD

Answer 4

No

Answer 5

$792.50

Answer 6

They're correct. Thank you so much.

Answer 7

no problem happy to help :D