Total interest on the loan = 185.63
Total principal of the loan = 3,000
Total interest + principal = 3,000 + 185.63
Total future value of the loan = 3,185.63
The tenor of the loan = 9 months
Monthly payment = Total future value of loan/ number of months
Monthly payment = 3,185.63/9 = 353.9588
Monthly payment = $353.96 (Rounded to nearest cent)
