A Contract Stipulated a Payment of $8,500 Plus 6

Multiple Choice

A contract stipulated a payment of $8,500 plus 6.4% interest compounded monthly in 30 months. Prior to the due date, the contract was sold for $9,700 based on 3.8% interest compounded quarterly. How many months before maturity did the contract change hands?

A) 9 months and 22 days
B) 8 months and 22 days
C) 7 months and 22 days
D) 6 months and 22 days
E) 5 months and 22 days