Final answer:
The monthly payments for a $100 loan at 12 percent for 36 months is approximately $3.32.
Step-by-step explanation:
To calculate the monthly payments for a $100 loan at 12 percent for 36 months, we can use the formula for calculating the monthly payment of a loan:
Monthly payment = (Principal x Interest Rate x (1 + Interest Rate)^Number of Months) / ((1 + Interest Rate)^Number of Months - 1)
Plugging in the values, we get:
Monthly payment = (100 x 0.12 x (1 + 0.12)^36) / ((1 + 0.12)^36 - 1)
Simplifying the equation, we find that the monthly payment is approximately $3.32.