A man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month?

a.

$112.50

b.

$115.00

c.

$115.25

d.

$122.25

e.

None of the choices is correct.