Question: 8. Craig borrows $5,000 on August 1, 2017 at a nominal annual rate of interest of 12% compounded monthly. Craig agrees to make payments of

8. Craig borrows $5,000 on August 1, 2017 at a nominal annual rate of interest of 12% compounded monthly. Craig agrees to make payments of $800 per month with a first payment on September 1, 2017 and a final payment of less than $800. In which of the following ranges is the amount of the final payment? a) 363.20 b) 385.50 c) 389.85 d) 392.60 e) 1185.50

pls do not use excel spreadsheet

use formula and series of financial mathematics

also please write down small explanation

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