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Mr. Ned Kelly wishes to borrow $120,000 by way of a loan to purchase a home unit. If the interest rate is 10% per annum

Mr. Ned Kelly wishes to borrow $120,000 by way of a loan to purchase a home unit. If the interest rate is 10% per annum compounded annually, and the loan extends over 30 years, how much will Ned's annual repayment be?

Select one:

a. $12,000.00

b. $12,729.51

c. $1,200.00

d. $12,637.08

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