A Loan of P Is Taken Out at a Simple

Multiple Choice

A loan of P is taken out at a simple interest rate of r = 10.4%.Two months later,a partial loan payment of $500 is made.Of this payment,$301.34 went towards paying interest on the loan while $198.66 went to reducing the outstanding balance of the loan.What is the value of P? (Answer to nearest dollar)

A) $2898
B) $11,461
C) $3096
D) $17,385