AdriAnne and Anna's Auto Repair Wants to Add a New

Multiple Choice

AdriAnne and Anna's Auto Repair wants to add a new service bay. How much can they borrow at an annual rate of 5%, compounded quarterly, if the desired quarterly payment is $6,100? Assume a loan period of 4.5 years. Round your answer to the nearest cent. ​

A) $107,355.83
B) $67,583.80
C) $97,780.25
D) $87,963.78
E) $77,900.37