Unit 4: Nation Finance;Quiz
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Steps I and 2 deal with calculating the monthly interest amount, solve for the amount of monthly interest based on the following facts; Loan amount $36,000, annual interest rate of 5%? $1,800.00 $150.00 $300.00 $5.00
$150.00
A mortgage has a balance of $70,000 at 11.5% interest for a period of 25 years. The monthly P & I payment is $711.53, what is the interest charge for the second monthly payment? $690.72 $711.53 $670.44 $40.70
$670.44
Remember for purposes of determining the new loan balance, you will not have to know how to determine the principal portion of the loan payment. interest portion of the payment. payment amount. monthly interest amount.
payment amount.
