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Bill Smart can borrow $25,000 an an 11% annual interest rate. Annual year end payments of $4800 are required. How long will it take him

Bill Smart can borrow $25,000 an an 11% annual interest rate. Annual year end payments of $4800 are required. How long will it take him to repay the loan?

Select one:

a. 8 years, 1 month, and 24 days

b. 4 years plus 1 final partial payment

c. 8 years plus 1 final partial payment

d. 4 years, 4 months, and 2 days

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