Mr. Mueller took a loan of $4200 and arranged to repay the loan with 3 equal
payments of $X at the end of 4, 8, and 12 months respectively. If the lender charges
a rate j12 = 12%, then what is the value of each payment ($X)?
A. $1515.20 B. $1290.30
C. $1719.02 D. $1764.77
E. $1400.00