On the Day You Enter College, You Work Out a Deal

On the day you enter college, you work out a deal with your local bank such that you borrow $9,600 for four years. The terms of the loan include an interest rate of 5.9%. The terms also
Stipulate that the principle is due in full one year after you graduate. Interest is to be paid annually
At the end of each year. Assume that you complete college in four years. How much will you pay the
Bank one year after you graduate?

A) $566.40
B) $2,265.60
C) $10,166.40
D) $11,865.60
E) $12,432.00