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Tommy Webster obtained a 30-year, $110,000.00 mortgage loan from People's Savings. The interest rate is 7.5 percent. For the first payment, what is the interest?

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sqdancefan
The interest on the first monthly payment is ...
  I = Prt
  I = 110,000*7.5%*(1/12)= 687.50

For the first payment, the interest is
  $687.50

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The time period for the interest rate calculation is 1/12 year.

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