Answer:
$25
Step-by-step explanation:
We know,
Monthly interest = (Principal × Interest rate) ÷ 12
Given,
Loan principal = $3,000
Interest rate = 10% = 0.10
Therefore, monthly interest = ($3,000 × 0.10) ÷ 12
Monthly interest = $300 ÷ 12
Monthly interest = $25
Therefore, the principal amount to be paid per month is = $(96.80 - 25) = $71.80.
So, Jamison will pay $25 as interest for the 36-month $3,000 loan.
