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

Ruthy borrows $60,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next four years. What is the amount of each payment?

$19,754 plus 12% interest

$38,130

$19,754

$38,130 plus 12% interest

$15,000 plus 12% interest

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