Solve the Problem

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Joan used a fixed installment loan from her bank to finance her home renovation project. She Borrowed $11,000 and has a 60 monthly payments of $212.67 each. Instead of making her 36th Payment, Joan decides to pay the remaining balance on the loan. How much interest will Joan save (use the actuarial method) ?

A) $325.12
B) $305.65
C) $292.92
D) $309.34