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You borrowed $4,000 to finance your educational expenses at the beginning of your junior year...

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Accounting

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You borrowed $4,000 to finance your educational expenses at the beginning of your junior year of college at an interest rate of 9% compounded annually. You are required to pay off the loan with five equal annual installments, but the first payment will be deferred until your graduation. Determine the value of C, the amount of annual payments. $4,000 2 3 5 6 0 1 Select one: a. C = $891 b. C = $1,121 c. C = $1,222 jo d. C = $1,082

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