Answer:
The interest paid is $1575.
Step-by-step explanation:
Given is:
Monthly loan payment = $1857
Loan amount = $300000
Rate = 6.3% annual
So, monthly rate will be = [tex]6.3/12/100=0.00525[/tex]
Hence, we will calculate the interest for month.
[tex]0.00525\times300000=1575[/tex] dollars
So, interest paid = $1575.
Principle paid = [tex]1857-1575=282[/tex] dollars
