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Ruthy borrows $60,000 from the Mighty Bank today and the Bank requests her to repay her loan in three equal payments along with 12 interest.

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Ruthy borrows $60,000 from the Mighty Bank today and the Bank requests her to repay her loan in three equal payments along with 12 interest. Each of the three payments must be paid at the end of the next three years. What is the amount of each payment? Multiple Choice 524,981 $20000 plus 12% interest $24,981 plus 12% interest None of the other alternatives are correct $48,037

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