Suppose you borrowed $$12,000$ at a rate of $9\%$ and must repay it in $4$ equal installments at the end of each of the next $4$ years. How much would your payments be$?$

Question $8$ Answer

a$.$

$$4,083\mathrm{.}69$

b$.$

$$4,287\mathrm{.}87$

c$.$

$$3,704\mathrm{.}02$

d$.$

$$3,889\mathrm{.}23$