Chapter 4: Time Value of Money 22. Suppose you borrow $12,000 today, to be repaid in seven equal annual payments with 5.99% APR. Approximately how much will your annual payment be if the interest rate in compounded quarterly? A) $1,714.29 B) $2,111,35 C) $2,148.86 D) $2,159.25 E) 52,165.65 F) None of the above (state your answer)