Cindy took out a reducing balance loan of $8400 to finance an overseas holiday.
Interest was charged at a rate of 9% per annum, compounding quarterly.
Her loan is to be fully repaid in six years, with equal quarterly payments.
After three years, Cindy will have reduced the balance of her loan by approximately
A. 9%
B. 35%
C. 43%
D. 50%
E. 57%