Register
Pablo Picasso obtained a loan of $2,400 to install a new roof on his home. The interest rate is 12% and the monthly payment is $113.04. What is the interest on the first monthly payment? A) $24.00 B) $25.
76.4k views
3 votes
Pablo Picasso obtained a loan of $2,400 to install a new roof on his home. The interest rate is 12% and the monthly payment is $113.04. What is the interest on the first monthly payment?

A) $24.00
B) $25.04
C) $29.90
D) $32.01

User Dawoud
by
8.9k points

1 Answer

6 votes
If you do 2,400 x .12 you get 288
You then need to do 288 and divide it by 12 and you get 24.
Your answer should be A. $24.00
User Rafix
by
8.0k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!