Solve the problem. Use an annual percentage rate table if necessary.Reggie King took out a 36-month fixed installment loan of $23,000 to open a sporting goods store. He began making monthly payments of $726.03. Reggie's business does better than expected and instead of making his 24th payment, Reggie decides to repay his loan in full. What is the total amount due to pay off the balance (use the actuarial method)?
A. $8324.48
B. $8306.40
C. $9050.51
D. $8386.01
Answer: C
Mathematics
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