You just acquired a home mortgage for 30 years in the amount of $184,500 at 4.65 percent interest, compounded monthly. How much of the first payment will be interest if the loan is repaid in equal monthly payments?

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The interest for the first payment can be calculated using the formula for the interest part of the first payment of a mortgage, which is the principal amount times the monthly interest rate. The monthly interest rate is the annual rate divided by 12. So, for a $184,500 loan at 4.65% interest, the monthly interest rate is 4.65% / 12 = 0.3875%. The interest for the first month is $184,500 * 0.3875% = $714.94.

You Just Acquired a Home Mortgage for 30 Years in the Amount