Solved: Amount of interest portion of first monthly installment, Finance Basics

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Amount of interest portion of first monthly installment

Question: You have just taken out a 30 year, $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 14.75 percent, what is the amount of the INTEREST portion of the FIRST monthly installment?

a. $1,475
b. $1,472
c. $1,493
d. $17,700
e. insufficient information to compute

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Finance Basics: Amount of interest portion of first monthly installment

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