Respuesta :

Answer:

$1,086.94

Explanation:

The loan has a balance of $168,300

The monthly payment is $1,356.80

The interest rate is 7.75%

= 7.75/100

= 0.0775

Therefore the monthly interest rate on the loan can be calculated as follows

= $168,300 × 0.0775

= $13,043.25

Since there are 12 months in a year then,

= $13,043.25/12

= $1,086.94

Hence the monthly interest is $1,086.94

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