jim needs $ 1000 to buy a new flat - screen tv . since he has only $ 7 , he borrows the remaining balance from his sister mary . the loan will be repaid in 3 annual installments at an interest rate of 10 % , compounded annually . the formula for calculating the monthly payment p is p = ( l x c x r ) / ( c – 1 ) where l = amount of the loan , r = annual interest rate , and c = compounding factor = ( 1 + r ) ^ n where n = number of annual payments . how much does jim have to pay mary at the end of each of the next 3 years ( rounded to the nearest penny ) ?	Choose the correct choice from the following answers.
A) $ 357.67 B) $ 375.85 C) $ 387.40 D) $ 399.30 E) $ 433.33

Rationale: l = 993 r = 0.1 c = 1.1 ^ 3 = 1.331 insert all of these in the formula and we get p = 993 * 1.331 * 0.1 / 0.331 in order to resolve above without a calc , we need to find the approx value of 0.1331 / 0.331 ~ 0.4 ~ ~ 993 * 0.4 ~ 397 answer d
Answer: D