Question

Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. he calculates that the extra money he pays in additional interest each year, if invested at the rate of 2.5% for one year, could earn him simple interest totaling $300. how much does tyrell pay in additional interest each month? a. $90 b. $100 c. $1,000 d. $12,000 please select the best answer from the choices provided. a b c d

Answer 1

Based on the simple interest amount he could be making, and the rate of investment, Tyrell's additional interest per month is $1,000.

How much is Tyrell paying in additional interest?

Assuming the additional interest that Tyrell is paying is x, the following formula can be used:

300 = (x × 2.5%) x 12 months

Solving gives:

300 = 0.025x × 12

0.025x = 300/12

x = 25 / 0.025

x = $1,000

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