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Amount of quarterly payments on the loan

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Reference no: EM131050263

Sue wants to buy a car that costs $ 12,000. She has arranged to request your credit union for a loan for the total to a simple interest rate of 12%. The loan requires quarterly payments over three years. If the first payment is due within three months (one quarter) after buying the car , what is the amount of quarterly payments on the loan will be Sue ?

a. 1,205.55
b. 1,265.55
c. 1,105.55
d. 1,505.55

Reference no: EM131050263

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