You are to repay a loan with repayments of $160.00 every month over a period of 3.5 years, with the first repayment being one month after you took out the loan. If interest is charged at j12 = 7.9170% p.a. then the amount borrowed is:

Question 6 options:

1)

$5,852.58

2)

$7,714.23

3)

$5,676.73

4)

$7,411.61