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svetoff [14.1K]
3 years ago
14

Madison Davidson negotiated for a $30,000 loan with $200 monthly payments, plus 9 percent interest. In this case, what is the mo

nthly interest in the first month?
Business
1 answer:
Julli [10]3 years ago
4 0

Answer:

$225

Explanation:

Remember, the interest rates of a loan are spread out equally each month.

Therefore, we calculated the value of the total interest in dollars for a year:

30,000/100 x 9 = $2,700 (annual interest in dollars)

Next, we divide the annual interest in dollars by 12 to get the value from the first month:

$2700/12= $225 (First month interest in dollars)

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Normative

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