A loan of 2400 dollars is to be paid in the following manner; 300 dollars will be paid at the end of each year plus 10% interest on the unpaid balance at the beginning of the year. Find the total of all the payments.

a. 5160

b. 4256

c. 5120

d. 6267

My Work:

The loan is for $2400.

Let's see: 2400/300 = 8.

It will take 8 years to make the full payment plus 10 percent on the unpaid balance.

300 x 0.10 = 30.

Then 300 + 30 = 330.

The total of all payments should be 330 + 2400 or $2730.

My answer is not close to the choices given. Help....