How much will you owe a bank at the end of the 27th month if you took a loan of $25,000 for a period of 72 months at a rate of 9% per year compounded monthly, if you paid the bank your entire bonus of $9,000 at the end of the 12th month to bring down the loan quickly? You make payments to the bank at the end of every month.
a. $421
b. $3,727
c. $7,090
d. $11,063