Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. he calculates that t

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Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. he calculates that t

he 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

Mathematics

1 answer:

vova2212 [387] · Answer 1 · 2023-04-07T07:29:35+03:00

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

<h3>How much is Tyrell paying in additional interest?</h3>

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

Find out more on additional interest at brainly.com/question/27037531.

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