What is the principal remaining after 20 monthly payments have been made on a $20,000 five-year loan?

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What is the principal remaining after 20 monthly payments have been made on a $20,000 five-year loan? The annual interest rate is 12% nominal compounded monthly.
(a) $10,224
(b) $13,333
(c) $14,579
(d) $16,073
(e) $17,094

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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Question Posted: May 17, 2016 05:49 AM

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What is the principal remaining after 20 monthly payments have been made on a $20,000 five-year loan?

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Engineering Economy

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