Solve the Problem

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-A farmer buys a new harvester for $70,000. He makes a down payment of $21,000 and finances the Balance at 7.0% APR over 60 months. Before making the 24th payment, the farmer decides to pay The remaining balance on the loan. What is the total amount due to pay off the balance (use the Actuarial method) ?

A) $31,423.30
B) $44,890.43
C) $31,798.87
D) $32,393.58