Answer:
a. Amount paid for the use of the money is $105
b. Amount paid to the bank is $3,105
Step-by-step explanation:
The amount borrowed = $3000
Simple interest = 3 1/2%=0.035
a.
Amount paid for the use of the money = 3 1/2% of $3000
=0.035*$3000
=$105
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b.
Amount paid to the bank= Amount borrowed +simple interest
=$3000+$105
=$3105
