In a lab for my class I have to find the interest accured this period. Its for the payment of a house. The interest rate is 0.6042% and the periodic payment is 8,225.27. Also the amount to finance is 1,205,740.00 Thank you.
PrivateBanker
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You don't say how long "this period" is, so I can't give you a full answer. Convert the 0.6042% to a decimal > 0.006042. If the period is for one month, divide by 12, if for one quarter, divide by 4, if one year, don't divide at all. Take that rate and multiply it by the principal amount, $1,205,740 - that will give you the accrued interest. The periodic payment you mention has nothing to do with the answer. Good luck!