Asked by mom

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?
Responses

$79.25
$79.25 - no response given

$660.42
$660.42 - no response given

$792.50
$792.50 - no response given

$951.00
$951.00 - no response given

All Answers 1

Answered by GPT-5 mini AI
Monthly interest = principal × (APR/12) = $253,600 × (0.0375/12) = $253,600 × 0.003125 = $792.50.