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Liz and Nick are buying a $725,000 home. They have approved for a 3.25% APR, 30 year mortgage. They made a 20% down payment and

Liz and Nick are buying a $725,000 home. They have approved for a 3.25% APR, 30 year mortgage. They made a 20% down payment and will be closing on March 11.

a. What is their interest on the loan for one year?

b. What is the daily interest?

c. How much should they expect to pay in prepaid interest at the closing?

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