Mrs. Smith received a notice from her lender that last year her total interest paid was $6,090 on her $58,000 mortgage. Mrs. Smith wants to verify that she is not paying more interest than the mortgage agreement states. What interest is she paying?

Question

Zayden Davila

Business

9 January, 01:31

Mrs. Smith received a notice from her lender that last year her total interest paid was $6,090 on her $58,000 mortgage. Mrs. Smith wants to verify that she is not paying more interest than the mortgage agreement states. What interest is she paying?

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Answers (1)

Know the Answer?

Kayley Salazar · Answer 1

10.5%

Explanation:

From the information provided in the question it seems that the amount of interest that Mrs. Smith is currently paying is that of 10.5%. This can be calculated by dividing the total interest paid by the mortgage amount, and then multiplying by 100 in order to turn the decimal into a percentage. Like so

$6,090 / $58,000 = 0.105

0.105 * 100 = 10.5%