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What is the total amount of interest pay on the loan

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Problem 1: You borrow $900 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $300 per month plus interest. The interest rate for the loan is above the prime interest rate. During the first month the prime rate is during the second month it is and during the third month it is What is the total amount of interest you pay on the loan?

A. $8.66
B. $11.21
C. $9.17
D. $10.19

Reference no: EM132731228

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