Devi borrows $1,300.00 which she will repay with level annual payments over 11 years. The interest rate is i(2) = 4.000%. What is the outstanding balance on the loan just after 3 payments?

a.

$849.66.

b.

$1,019.59.

c.

$909.64.

d.

$889.65.

e.

$999.60.