Asked by kathey
If the interest rate on a $250,500 loan is 6½ percent for a term of 30 years, what is the principal and interest (PI) payment for the first month?
Answers
Answered by
Ms. Sue
I = PRT
I = 250,000 * 0.65 * 30
I = 487,500
Total owed = 737,500
737,500 / 360 = 2,048.61
I = 250,000 * 0.65 * 30
I = 487,500
Total owed = 737,500
737,500 / 360 = 2,048.61
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.