Final answer:
The total amount paid will be $16,575.
Step-by-step explanation:
To calculate the total amount paid, we need to use the formula for compound interest:
Total Amount = Principal + Interest
Principal refers to the initial loan amount, which is $15,000 in this case. Interest can be calculated using the formula:
Interest = Principal x Interest Rate x Time
Plugging in the given values, we have:
Interest = $15,000 x 0.035 x 3 = $1,575
Therefore, the total amount paid will be:
Total Amount = $15,000 + $1,575 = $16,575