The annual interest rate on a 15-year mortgage on a house assessed at a value
Of $450 000 is 5 cents on every $1 What
is the interest paid on the mortgage for the
first year?

The amount of interest paid is $22,500

Step-by-step explanation:

Firstly, we need the number of $1 in $450,000

That would simply be $450,000/$1 = 450,000

5 cents is same as 5/100 = $0.05

so we have to multiply 450,000 by 0.05

we have this as;

450,000 * $0.05 = $22,500

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step-by-step explanation: