Answer:
the first month payment of interest is $74.70
Step-by-step explanation:
The computation of the first month payment of interest is shown below
Given that
PV = $2,000
NPER = 30
RATE = 9% รท 12 = 0.75%
FV = $0
The formula is given below:
= -PMT(RATE;NPER;PV;FV;TYPE)
After applying the above formula, the monthly interest payment is $74.70
hence, the first month payment of interest is $74.70