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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 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

Respuesta :

Answer:

C. $1,000

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If   invested at the rate of 2.5% for one year. The amount that tyrell pay in additional interest each month is: c. $1,000.

Additional interest each month

First step

Amount for one year=Simple interest amount/Interest rate

Amount for one year=$300/0.025

Amount for one year=$12,000

Second step

Additional interest each month=$12,000/12 months

Additional interest each month=$1,000

Therefore the amount that tyrell pay in additional interest each month is: c. $1,000.

Learn more about Additional interest each month here:https://brainly.com/question/2151013

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