Given :
Jackson wants to buy a new car and needs a car loan.
The cost of the car is $28,326. The car loan interest rate is 0.9% per year.
To Find :
How much money will Jackson pay in interest for one month.
Solution :
Interest on the loan is given by :
[tex]I=28326\times 0.009\\\\I=\$254.934[/tex]
Amount Jackson will pay in interest for each month is :
[tex]A = \dfrac{254.934}{12}\\\\A = \$21.24[/tex]
Therefore, Jackson will pay $21.24 dollar interest per month.
Hence, this is the required solution.
