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Tom has had to use his HSBC credit card to spend $1,000 on the Christmas gifts for his family. HSBC will charge Tom 16% interest

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Tom has had to use his HSBC credit card to spend $1,000 on the Christmas gifts for his family. HSBC will charge Tom 16% interest per year, compounded annually. If Tom takes 3 years to pay off his credit card balance, what amount should he return to the bank per year? Round your answer to the nearest dollar. Select one: a. $1,561 b. $445 c. $285 d. $3,506

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