Based on the size of the mortgage, and the APR, the amount that will go to interest from the first monthly payment by Kate and Ashton is $875.
What is the first interest payment for Kate and Ashton?
First find the monthly interest rate:
= 4.2% / 12 months
= 0.035%
The first monthly payment is:
= Mortgage amount x monthly interest rate
= 250,000 x 0.035%
= $875
In conclusion, their first interest payment is $875.
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