A Debt of $60,000 Is to Be Paid Off with Partial

Multiple Choice

A debt of $60,000 is to be paid off with partial payments of $20,000 in 20-days (from today) ,$1500 in 60-days (from today) and a final payment of $X in 85-days (from today) .If simple interest is charged at 16% and the declining balance method is used,what is X?

A) $40,149.32
B) $40,172.09
C) $40,180.74
D) $41,585.76