Question: Eric borrows X for 10 years at an annual effective rate of 6%. If he pays the principal and accumulated interest in one lump sum

Eric borrows X for 10 years at an annual effective rate of 6%. If he pays the principal and accumulated interest in one lump sum at the end of 10 years, he would pay $356.54 more in interest than if he repaid the loan with 10 level payments at the end of each year. Calculate X.

A. 800, B 825, C 850, D 875, E 900

Please, no excel spreadsheets.

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