Final answer:
The exact payment amount for Ruthy's $60,000 loan with 12% interest to be repaid in three equal annual payments cannot be determined without the appropriate loan amortization calculations, which are not provided in the context of the question.
Step-by-step explanation:
The question asks for the amount of each of three equal payments that Ruthy must make to repay a $60,000 loan from the Mighty Bank with a 12% interest rate. To solve this, we need to calculate the annual payment amount using an amortization formula or financial calculator to determine the fixed payment which includes both the principal and interest over the three-year period.
To find the payment amount, we could use the formula for the annuity payment, which accounts for present value, the interest rate, and the number of periods. However, as the given information (R = $1,798.65) does not directly relate to the $60,000 loan in question, we cannot directly use this figure to compute the payments for Ruthy's loan. Instead, we note that such loans are typically solved using present value of annuity formulas, taking the loan amount, interest rate, and terms into account - which are missing from the provided context.
This type of calculation is an example of how interest rates and loan terms can significantly affect the total repayments made over the course of a loan. Without the exact formula and calculation steps specific to Ruthy's loan scenario, we cannot determine the correct fixed payment of the multiple choices listed in the question.