Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Problem Set 4.2: 64

Answer

The monthly interest on the mortgage will be 785.42 dollars.

Work Step by Step

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.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.