If you borrow $1000 at an APR of 12% and pay it back in one year making the same payment amount each month, what principal (P) and interest (I) have you paid when the load is paid off?
a. P=$1200, I=$120
b. P=$1000, I=$120
c. P=$1000, I=$66.19
d. P=$1200, I=$65.50
e. P=$1000, I=$60.00
