You need some money today and the only friend you have that has any is a miser. He agrees to loan you the money you need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much total interest is he charging?

$8.6

Explanation:

I/Y = Rate = 2.0

PMT =  -$30

N =  6

Future Value =  $0.00

First we need to set the calculator to annuity due and calculate the CPT PV. We get the Value of loan, $171.40

Interest payment = PMT x 6 - Present value of loan

Interest payment = $30*6 - $171.40

Interest payment = $180 - $171.40

Interest payment = $8.6

Thus, the total interest he is charging is $8.6

answer; /// i believe its (bas design);

the first one $24,630