Reggie King took out a 36-month fixed installment loan of $26,000.00 at 8.5% APR to open a sporting goods store.

He began making monthly payments of $820.73.
Reggie's business does better than expected and a split second after 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.

$9,389.85

$9,410.28

$9,479.84

$10,231.01

1 answer