Answer
The monthly interest on the mortgage will be 785.42 dollars.
Work Step by Step
To find how much is a month’s interest, we use the interest formula.
The interest formula is: I = P $\times$ r $\times$ t
P = 145,000
r = 6.5% = 0.065
t = 1 month = 1 $\times$ $\frac{1}{12}$ = $\frac{1}{12}$ (Because 1 month = $\frac{1}{12}$ year.)
Substitute these values in the formula to obtain:
I = 145,000 $\times$ 0.065 $\times$ $\frac{1}{12}$
I = 785.42
The monthly interest on the mortgage will be 785.42 dollars.
