The monthly amount of the payment will be $153.47.
What is simple interest?
Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.
A = P + (PRT)/100
Where P is the principal, R is the rate of interest, and T is the time.
Mary takes out a loan for $5,000 at a simple interest rate of 3.5% to be paid back in 36 monthly installments.
Then the amount will be
A = 5000 + (5000 x 3.5 x 36)/ (100 x 12)
A = 5000 + 525
A = $5,525
Then the monthly amount of the payment will be
Monthly amount = 5525 / 36
Monthly amount = $153.47
The monthly amount of the payment will be $153.47.
More about the simple interest link is given below.
https://brainly.com/question/2793278
#SPJ2
