You were recently approved for a line of credit at your optometrist's office. The following are the credit terms you were given:

Question

Terms:
Principal $2,000

Interest rate 10%

Repayment period 24 months

Monthly payment $92.63

Total interest paid $222.12

Total cost of the loan $2,222.12

Given these terms, what is the maximum amount you can spend using this line of credit?
Choose 1 answer:
(Choice A)
A. $222.12


(Choice B)


B. $92.63

(Choice C)


C. $2,000

(Choice D)


D. $2,222.12

Answer 1

C. $2,000