Respuesta :
Compound interest is the interest which applies on both the initial principal and the accumulated interest. The monthly payment should be $104.29 or more than it. Thus the option C is the correct option.
What is compound interest?
Compound interest is the interest which applies on both the initial principal and the accumulated interest. It can be given as,
[tex]A=p(1+\dfrac{r}{n\times100})^{nt }[/tex]
Here [tex]A[/tex] is the total amount after [tex]t[/tex] years on the principal amount [tex]p[/tex] with interest rate of [tex]r[/tex].
Given information-
The loan amount is $3000.
The interest rate is 7.5%.
The number of month is 36.
As the number of month in one year 12. Thus the total amount is,
[tex]A=3000(1+\dfrac{7.5}{100\times12})^{36} \\A=3000(1+\dfrac{7.5}{100\times12})^{36} \\\A=3754.34[/tex]
Monthly payment of loan is,
[tex]=\dfrac{A}{12} \\=\dfrac{3754.34}{12} \\=104.29[/tex]
Thus the monthly payment should be $104.29 or more than it. Thus the option C is the correct option.
Learn more about the compound interest here;
https://brainly.com/question/24924853
