Final answer:
The total amount of interest on a $5000 loan with a 3.7% interest rate compounded monthly in one year is $185.
Step-by-step explanation:
To calculate the total amount of interest, we can use the formula:
Interest = Principal * Rate * Time
In this case, the principal is $5000, the interest rate is 3.7% (which is equivalent to 0.037 as a decimal), and the time is 1 year. Plugging in these values into the formula, we have:
Interest = $5000 * 0.037 * 1 = $185
Therefore, the total amount of interest on a $5000 loan with a 3.7% interest rate compounded monthly in one year is $185.