FINANCE The formula for a loan balance is b = p. (1+2) -d if the
previous balance is p, the annual interest rate is r, and a payment
of d is made.

Write a sentence for the formula.

A. The balance equals the previous balance multiplied by the quantity
one plus the annual interest rate divided by 12 minus the payment.

B. The balance equals the previous balance multiplied by the annual
interest rate divided by 12 minus the payment.

C. The balance equals the previous balance multiplied by the sum of
one and the annual interest rate minus the payment.

D. The balance equals the previous balance minus the payment.