Answer: $167.86
Step-by-step explanation:
Assuming the rate is an annual rate. Convert it to a monthly rate:
= 9% / 12
= 0.75%
Use compound interest formula to find out the total owed:
= Amount * ( 1 + rate) ^ period
= 561.60 * ( 1 + 0.75%)³⁵
= $729.46
Interest = Total owed - cost of loan
= 729.46 - 561.60
= $167.86
