Finance
A Maine borrower with a $225,000 30-year mortgage at 7% has a monthly P&I payment of approximately $1,497. How much of the very first payment goes to interest?
A$1,093.75
B$1,181.25
C$1,312.50✓ Correct
D$1,496.25
Explanation
First month interest = $225,000 × 7% ÷ 12 = $225,000 × 0.005833 = $1,312.
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