A Loan of $4000 Is Paid Off Over 9-Months at a Simple

Multiple Choice

A loan of $4000 is paid off over 9-months at a simple interest rate of r = 8%.The borrower makes partial payments of $150 in 3-months and $2500 in 6-months.Using the declining balance method,what is the final balance due at the end of 9-months?

A) $1508.60
B) $1534.00
C) $1538.77
D) $1540.20