You Just Took Out a $12,000 Loan for Your Small

Multiple Choice

You just took out a $12,000 loan for your small business.The loan has a four year term and repayment is in the form of four equal end-of-year payments.The interest rate on the loan is 11.5%.Consider the final loan payment.How much principal do you pay in the final payment?

A) $3,506.09
B) $2,529.29
C) $2,820.16
D) $3,144.48
E) $3,909.29