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On January 1, 2000, Mark has the following options to repay a loan: Sixty monthly payments of 100, beginning February 1, 2000. A single payment

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On January 1, 2000, Mark has the following options to repay a loan: Sixty monthly payments of 100, beginning February 1, 2000. A single payment of 6000 at the end of K months. Interest is at a nominal annual interest rate of 12% compounded monthly. The two options have the same present value. Determine K. (a) 29.0 (b) 29.5 (c) 30.0 (d) 30.5 (e) 31.0

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