## Elementary Algebra

To find how much is a month’s interest, we use the interest formula. The interest formula is: I = P $\times$ r $\times$ t P = 145,000 r = 6.5% = 0.065 t = 1 month = 1 $\times$ $\frac{1}{12}$ = $\frac{1}{12}$ (Because 1 month = $\frac{1}{12}$ year.) Substitute these values in the formula to obtain: I = 145,000 $\times$ 0.065 $\times$ $\frac{1}{12}$ I = 785.42 The monthly interest on the mortgage will be 785.42 dollars.