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?

Answer 1

I = PRT
I = 250,000 * 0.65 * 30
I = 487,500

Total owed = 737,500

737,500 / 360 = 2,048.61