Answer:
The answer is $1.34
Step-by-step explanation:
The given information is :
Principle or p = $1,945.61
rate = 11.2% or 0.112 or converting it in months = [tex]\frac{11.2}{12}= 0.933[/tex]%
Minimum due payment = $156
Paid amount = $300
The interest saved by paying more than the minimum amount after 1 month is:
[tex](300-156)*0.00933[/tex]
= [tex]144*0.00933[/tex]
= $1.3435 ≈ $1.34
So, the interest saved is $1.34
