You want to borrow $13,500 from your big sister to purchase a used Jeep Wrangler (its got both a hard and soft top!good deal!). She agrees and makes a deal with you to charge you 2.75% interest compounded annually. Payments will be due at the end of the year, and she will loan you the money for 5 years. How much are your annual payments?

You want to borrow $13,500 from your big sister to purchase a used Jeep Wrangler (it's got both a hard and soft top!-good deal!). She agrees and makes a deal with you to charge you 2.75% interest compounded annually. Payments will be due at the end of the year, and she will loan you the money for 5 years. How much are your annual payments? $2,926.78 $3,002.38 $3,188.78 $3,266.85 $3,056.96