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C https://www.csepub.com/exercise/users answers/8978021/edit CSePub Home Book Store Independent Authors About Your Cart tems:Total: $99.99 View Cart A couple has ust purchased a home for $389,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.28% APR with monthy compounding. The mortgage has a term ot 30 years. How much interest is paid on the first payment? Answer Format: Currency: Round to: 2 decimal places. Enter Answer Here Submit Answer Prev Problem All Problems Next Problem Contact Us Privacy Policy TeTIs Copyright 2018 Conley Smith Publishing. All Right reserved. O Type here to search 8:49 PM 9/26/2018 2

Explanation / Answer

home price = $389,400

amount in cash =20%

loan amount = 389400*80%= 311,520

mortgagae rate = 5.28% APR

so since it is compounded monthly here monthly rate = 5.28%/12

so interest after 1 month = 311520*(1+5.28%/12)^(1)-311520

=$1370.69

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