Answer:
1296
Step-by-step explanation:
Simple interest is
I = PRT where I is the interest P is the principle, r is the rate and t is the time
I = 1350 * .08 * 12
I = 1296
The monthly interest payment is 162
<h3>What is Interest?</h3>
Interest, in its most simple form, is calculated as a percent of the principal.
First,
monthly interest rate,
= 0.24/12
= 0.02.
Now,
Average monthly interest,
=0.02×$675
= $13.50.
Thus, the annual interest payments,
= 12×$13.50
= $162
Learn more about this concept here:
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Every prime greater than 2 is oddNo even number greater than 2 is prime
