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Compute what is the amount of each payment

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Question 1: Bob borrows $50,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next three years. What is the amount of each payment? Please round to the nearest whole number.

Option a) $14,817 plus 12% interest

Option b) $20,818 plus 12% interest

Option c) $20,818

Option d) none of the above

Option e) $14,817

Reference no: EM132487730

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