felicia borrowed $12,000 from her bank at a monthly interest rate of 5%. if she paid back the loan after 3 months, how much interest is she going to pay? how much money will she pay back to her bank?
we have that
the interest for each month is
0.05*12,000=$600
after 3 months
total interest is 3*$600=$1,800
she going to pay $1,800
Part b
12,000-1,800=$10,200
