Solve the Problem. -You Borrow $900 from Your Bank for 3 Months. the 3

Multiple Choice

Solve the problem.
-You borrow $900 from your bank for 3 months. The loan agreement states that you must repay the Loan at a rate of $300 per month plus interest. The interest rate for the loan is 2% above the prime Interest rate. During the first month the prime rate is 4.25%, during the second month it is 5.25%, And during the third month it is 5.5%. What is the total amount of interest you pay on the loan?

A) $11.21
B) $10.19
C) $9.17
D) $8.66