Answer :
[tex]\bigstar\boxed{\large\bf\purple{\leadsto \$3150}}[/tex]
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[tex]\large\sf{\underline{Given:}}[/tex]
- β Principal = $ 35000
- β Rate of interest = 3%
- β Time = 3 yrs (36 months)
[tex]\large\sf{\underline{Therefore:}}[/tex]
βββ β βββ β β[tex]\sf{Simple\: interest = \left(\dfrac{P\times R\times T}{100}\right)}[/tex]
βββ β βββ β βββ β βββ β βββ β βββ β βββ β β[tex]\sf{\longrightarrow \left(\dfrac{35000\times 3\times 3}{100}\right)}[/tex]
β βββ β βββ β βββ β βββ β βββ β βββ β βββ β β
β βββ β βββ β βββ β βββ β βββ β βββ β βββ β β[tex]\sf{\longrightarrow \cancel{\dfrac{315000}{100}}}[/tex]
β βββ β βββ β βββ β βββ β βββ β βββ β βββ β β
βββ β βββ β βββ β βββ β βββ β βββ β βββ β β[tex]\sf{\longrightarrow 3150}[/tex]
β βββ β βββ β βββ β βββ β βββ β βββ β βββ β β
[tex]\large\sf{\underline{Your\: monthly\: payments\:will\:be\:\$3150}}[/tex] βββ β βββ β βββ β βββ β βββ β βββ β βββ β β
Answer:
Monthly Payment will be $3150
Step-by-step explanation:
Given :-
- Principal :- $35000
- Interest rate :- 3%
- Time period :- 3 years
To find :-
- Monthly Payment
Solution :-
Simple Interest :- P Γ R Γ T / 100
putting the known values ,
Simple Interest :- 35000Γ3Γ3/100
Therefore, Monthly Payment :- $3150