How much is the outstanding principal balance on his loan

Reference no: EM13273672

Andrew buys 10 Tufflift 4-post, 4.5-ton car hoists for his commercial car parking station at a total cost of $410,000. He finances this with a five-year loan at 6.2% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan?

A. 287153
B. 150969
C. 302284
D. 250698

Reference no: EM13273672

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