Question

Jackson wants to buy a new car and needs a car loan. The cost of the car is $28,326. The car loan interest rate is 0.9% per year

How much money will Jackson pay in interest for one month?
А
$21.24
B
$212.45
С
$254.93
D
$2,124.45

Answer 1

Given :

Jackson wants to buy a new car and needs a car loan.

The cost of the car is $28,326. The car loan interest rate is 0.9% per year.

To Find :

How much money will Jackson pay in interest for one month.

Solution :

Interest on the loan is given by :

`I=28326* 0.009\\\\I=\$254.934`

Amount Jackson will pay in interest for each month is :

`A = (254.934)/(12)\\\\A = \$21.24`

Therefore, Jackson will pay $21.24 dollar interest per month.

Hence, this is the required solution.