Find the Monthly Interest Payments in the Situation Described $\$ 34,000$

question 99

Multiple Choice

Find the monthly interest payments in the situation described. Assume that monthly interest rates are 1/12 of annualinterest rates.
-Derek bought a new car for $\$ 34,000$ . He made a down payment of $\$ 18,000$ and financed the balance through the car dealer. He was unable to make the first monthly payments. Until he makes a payment he is paying $2 \%$ interest per month on the balance.

• A) \(\$ 680\)
• B) \(\$ 320\)
• C) \(\$ 3840\)
• D) \(\$ 8160\)

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Definitions:

Moderately Aggressive

A behavior characterized by assertiveness and competitiveness, though not to an extreme or harmful degree.

Moderately Cooperative

Showing a willingness to work with others to a reasonable degree, balancing involvement with independence.

Assertive Ways

Communication and behavior types that involve standing up for one’s personal rights and expressing thoughts, feelings, and beliefs in direct, honest, and appropriate ways.

Crucial Conversation

A dialogue between two or more people where stakes are high, opinions differ, and emotions run strong.