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A purchaser contracts for a new home for $250,000 and, after making a 20% down payment, applies for a 30-year fixed-rate loan at the rate of 7.5%. At the settlement on April 10, the lender collects interest up to May 1. What is the interest charge to the buyer shown on the settlement statement?

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A purchaser contracts for a new home for $250,000 and, after making a 20% down payment, applies for a 30-year fixed-rate loan at the rate of 7.5%. At the settlement on April 10, the lender collects interest up to May 1. What is the interest charge to the buyer shown on the settlement statement?






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