Answer:
$3,088.80
Explanation:
Note that the loan is meant for 120days , however, the interest rate quoted is on an annual basis, hence, the interest for 120 days is 2.96% ( 9%*120/365).
It is equally important to note that at maturity the loan principal and the interest accrued thus far for 120 days are repayable to the lender as computed below:
total repayment=$3000+($3000*2.96% )
total repayment=$3000+$88.80
total repayment=$3,088.80
