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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Decreasing Efficiency

A situation where the output of a process decreases relative to the input over time.

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A decline in physical, mental, or emotional well-being.

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The practice of maintaining and improving one's health, happiness, and well-being through personal care, healthy habits, and stress management.

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An approach to reduce stress and its negative impacts by identifying potential stressors and implementing strategies to address them before they cause harm.