What Amount Can You Borrow If You Make Six Quarterly

Multiple Choice

What amount can you borrow if you make six quarterly payments of $4,000 at a 12% annual rate of interest? (^{PV of $1}, ^{FV of $1}, ^{PVA of $1}, and ^{FVA of $1}) (Use appropriate factor(s) from the tables provided.)

A) $24,838.00
B) $21,668.80
C) $44,800.00
D) $40,000.00
E) $31,049.00