The principle is $2890 the rate is 10% and the term is 3 years so it follows:
[tex]P=2890,r=0.1,n=3[/tex]The interest is given by:
[tex]I=p\times n\times r=2890\times0.1\times3=867[/tex]The principle to be repaid is given by:
[tex]P^{\prime}=\frac{2890}{36}=80.28[/tex]The monthly interest will be:
[tex]I=\frac{867}{36}\approx24.083[/tex]The monthly payment is given by:
[tex]M=P^{\prime}+I=104.363[/tex]The monthly payment is $104.363.
