The monthly payment of a loan for $3,000 at 7.5% interest compounded monthly for 36 months is $93.32.
loan amount P = $3000
Rate of interest = 7.5% per annum
So, monthly rate of interest r= 7.5/12 %
Tenure n = 36 months
The formula to calculate monthly payments is given
[tex]EMI=\frac{Pr}{1-(r+1)^{-n} }[/tex]...........(1)
Where P =loan amount
r = monthly rate of interest
n=tenure
So by substituting the given values in (1) the monthly payment = $93.32
Hence, the monthly payment of a loan for $3,000 at 7.5% interest compounded monthly for 36 months is $93.32.
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