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Pablo Picasso obtained a loan of $2,400 to install a new roof on his home. The interest rate is 12% and the monthly payment is $113.04. What is the interest on the first monthly payment?

(A) $24.00
(B) $ 25.04
(C) $29.90
(D) $ 32.01

Respuesta :

buttonnose02
If you do 2,400 x .12 you get 288
You then need to do 288 and divide it by 12 and you get 24.
Your answer should be A. $24.00

Hope this helped.
mahimapanday53

Answer:

The first monthly interest is (A) $24.00

Step-by-step explanation:

This question can be soled using the concept of simple interest.

Simple interest can be calculated by the formula,

[tex]S.I = \frac{prt}{100}[/tex]

here P = 2400, r = 12, t 1/12. putting the values in the above equation we get

[tex]S.I = \frac{prt}{100}= \frac{2400*12*1}{100*12}=24.00[/tex]

thus The interest paid in first month is $24.00

Learn more about interests here https://brainly.com/question/20690803

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