1. You are going to pay off your credit card balance completely by making monthly payments of $100 for the next 2 years. In other words, your balance will reduce to zero when the last (the 24th) payment is made. Your lender charges your balance an interest of 4% a month. How much will your credit card balance be immediately before the 23rd payment is made?

A) $96.15

B) $97.09

C) $98.04

D) $100.00

E) $196.15