if the interest rate on a home mortgage is 9%, then each month you pay 0.75% of the unpaid balance in interest. if the unpaid balance on one such loan is $60,000 at the beginning of a month, how much interest must be paid that month?

.0075*60000 = 450

To find out how much interest must be paid for the month, we need to calculate 0.75% of the unpaid balance.

Step 1: Convert the percentage to a decimal.
0.75% can be written as 0.0075 (since 0.75 divided by 100 equals 0.0075).

Step 2: Multiply the unpaid balance by the decimal to calculate the interest.
$60,000 * 0.0075 = $450.

Therefore, the interest that must be paid for the month is $450.