Algebra 2

Consider the mortgage loan of $150,000 at a nominal 6% yearly interest applied monthly at a rate of .5% per month. Monthly payments of $1,000 are being made on this loan. Evaluate how much is owed after 1 month.

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  1. the interest is .005*150000 = $750
    so, only $250 is subtracted from the principal.

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  2. jj

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  3. 15111

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  4. I am also confused by this question. Please help me.

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