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Math question- consumer math

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Michael Moore obtained a 30-year, $90,000.00 mortgage, with an interest rate of 8 percent. For his first payment, what is the amount of interest?

Can someone show me the work and give the answer? Thanks

Nov 25th, 2014
Interest paid on 90k in the first month: ((8/12)/100) * 90k = 600, that's straightforward.

How I got this: 8% is divided over 12 months, for monthly payments. To convert from percentage to decimal, divide by 100. Then multiply that by the principal amount of the mortgage to get the interest paid in that month.
Nov 25th, 2014

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Nov 25th, 2014
Jun 23rd, 2017
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