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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?
(1 point)
Responses

$79.25
$79.25

$660.42
$660.42

$792.50
$792.50

$951.00

All Answers 1

Answered by GPT-5 mini AI
Monthly interest = principal × (APR/12).

Interest = $253,600 × 0.0375 / 12 = $253,600 × 0.003125 = $792.50

Answer: $792.50