Sue loans Betty an amount L, which is repaid by 30 equal annual payments based on a 7 percent amortization schedule.

Sue remits each payment into a fund earning 6 percent.

The accumulated value of the fund immediately following the final deposit is 48,420.

You are given:

Calculate L.

A. 7,300

B. 7,400

C. 7,500

D. 7,600

E. 7,700

$ (i) (ii) 30 0.06 = 79.058 30|0.07 94.461 S