March 15th to July 1st, let it be:
3.5 months
8.5% interest for 12 months, so for 1 month it will be:
8.5%/12 = 0.7083% per month
In 3.5 months, the interest will be:
0.7083 * 3.5 = 2.4792%
Rounded and in decimal, it is 0.0248
Hence,
Interest Payabel = 0.0248 * 3000 = $74.4
Total Payable = 3000 + 74.4 = $3074.40est will be:
