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Question 1 Jill borrows $24,000 from you today. She agrees to repay you in two equal amounts, the first to occur in 3 years from

Question 1

Jill borrows $24,000 from you today. She agrees to repay you in two equal amounts, the first to occur in 3 years from today and the other in 8 years from today. If the interest rate is 8.8% per annum compounding monthly, what will be the amount of each repayment?

Select one:

a. $18979

b. $31222

c. $48400

d. $30910

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