Use the Information for the Question(s)below

question 26

Multiple Choice

Use the information for the question(s) below.
Two years ago, you purchased a new car. You financed your car for 60 months (with payments made at the end of the month) with a loan at 6.1% APR. Your monthly payments are $617.16 and you have just made your 24th monthly payment on your car.
-Assuming that you have made all of the first 24 payments on time, then the outstanding principal balance on your car loan is closest to:

• A)$20 256
• B)$20 200
• C)$20 250
• D)$20 365