You Recently Graduated and Borrowed $10,000 from You Parents

Multiple Choice

You recently graduated and borrowed $10,000 from you parents. Your parents want you to be responsible and have asked that you repay them $100 per month payable at the end of each month. They also require a 6% compounded monthly interest charge. How many years before you will have this loan paid off?

A) 16.32 years
B) 7.88 years
C) 11.58 years
D) 21.88 years