How much would you pay per month for 236,500.00 at 3.5% interest
You should ALWAYS make your question very clear!. Generally speaking, when you borrow
money from a Bank it's for a certain term, or period of time such as a mortgage for 10, 20 or
even 30 years!. The way you have posed the question, it simply means that you multiply the
interest rate by the principal & then divide by 12 to give you the monthly interest.
So, in this case you divide 3.5/100, because % means per hundred, or 3.5/100=.035 x 236,500=$8,277.50 which is annual interest. Then divide that by 12 to give you monthly interest if the 3.5% is compounded monthly. Or, $8,277.50/12=$689.79