Question: please help me with this question! Thank you! 12. Mr. Jones takes out a loan for 300,000, which he will repay by the amortization method.

please help me with this question! Thank you! 12. Mr. Jones takes out a loan for 300,000, which he will repay by the

please help me with this question! Thank you!

12. Mr. Jones takes out a loan for 300,000, which he will repay by the amortization method. The nominal rate of interest is 10.8% convertible monthly. Jones will make monthly payments with the first payment being one month from today. With the exception of the final payment, each monthly payment will be twice the interest then due. The final payment will be less than 10,000. What is the total interest paid during the life of the loan? (a) 290,321 (b) 290,499 (c) 290,160 (d) 290,249 (e) 291,036

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