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Suppose you take a loan of $10,000 to hire a someone. The APR of the loan is 12 percent (compounded monthly). There are no minimum

Suppose you take a loan of $10,000 to hire a someone. The APR of the loan is 12 percent (compounded monthly). There are no minimum monthly payments for the loan. You are sure to land a dream job after 3 years. Therefore, you are planning to make no payments for the loan until 3 year later when you will repay the loan in full. How much will you need to pay to the bank 3 years from today?

A $6,989 B $13,478 C $14,049 D $14,308

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