You Lend a Friend $1300 on May 11th

Multiple Choice

You lend a friend $1300 on May 11th. The demand loan rate is 10.12%. Your friend makes a partial payment on May 26th for $550 and on June 19th for $675. You demand full repayment of the outstanding balance on July 17th. What is the final payment amount to? Use the declining balance method.

A) $68.10
B) $86.10
C) $88.10
D) $82.10
E) $96.10