Reference no: EM132988440

Question 1: Barbara took out a loan from the bank today for X. She plans to repay this loan by making payments of $990.00 per month for a certain amount of time. If the interest rate on the loan is 0.35 percent per month, she makes her first $990.00 payment later today, and she makes her final monthly payment of $990.00 in 13 months, then what is X, the amount of the loan?

Option 1: An amount less than $12,582.00 or an anmount greater than $14,014.00
Option 2: An amount equal to or greater than $12,582.00 but less than $13,053.00
Option 3: An amount equal to or greater than $13,053.00 but less than $13,526.00
Option 4: An amount equal to or greater than $13,526.00 but less than $13,705.00
Option 5: An amount equal to or greater than $13,705.00 but less than $14,014.00