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

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) $\$ 8160$