Find the Periodic Payment Required to Repay $27,480 Over 12 $\quad P = \$ 400.25$

Multiple Choice

Find the periodic payment required to repay $27,480 over 12 years, with monthly payments at a 9% annual rate.Round to the nearest cent.

A) $\quad P = \$ 400.25$
B) $\quad P = \$ 444.01$
C) $\quad P = \$ 312.73$
D) $\quad P = \$ 268.97$
E) none of the above