Suppose you borrow money from your parents for college tuition on January 1, 2015. Your parents require four annual payments of $30,000 each, with the first payment due on January 1, 2019. They are charging you 4% annual interest. What is the cost of the college tuition?

A. $113,253

B. $96,809

C. $120,000

D. $89,707

Answer rating: 100% (QA)

B 96809 First payment is due after 4 Years so Cost o... View the full answer