A sum of $110,000 is to be repaid over a 9-year period through equal installments made at the end of each year. If an interest rate of 11%/year is charged on the unpaid balance and interest calculations are made at the end of each year, determine the size of each installment so that the loan (principal plus interest charges) is amortized at the end of 9 years. Round your answer to the nearest cent.
a. R = $19,889.71
b. R = $19,808.83
c. R = $19,866.18
d. R = $19,828.70
c. R = $19,866.18
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