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Dagny Taggart has just purchased a home and taken out a $300,000 mortgage. The mortgage has a 25 year term with monthly payments and has an APR of 6% (monthly compounding). The total amount of interest that Dagny will pay during the first month of her mortgage is closest to:

a.
1923.24

b.
1816.93

c.
1500

d.
1485

Respuesta :

Answer:

c.

1500

Step-by-step explanation:

The computation of the total amount of interest in first month is shown below:

Interest for first month is

= Mortgage amount × interest rate ÷ total number of months in a year

= $300,000 × 6% ÷ 12  

= $1,500

Hence, the interest in the first month is $1,500

Therefore the c option is correct

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