Going Places Adventure Travel signed a 14%, 10-year note for $152,000. The company paid an installment of $2,200 for the first month. After the first payment, what is the principal balance? (Round your answer to the nearest whole number.)
A) $149,800
B) $150,227
C) $151,573
D) $154,200
C .Interest Expense for 1 month $152,000 x 14% x (1/12 ) $1,773
Total payment 2,200
Principal amount ($2,200 - $1,773 ) $427
Principal balance ($152,000 — 427 ) $151,573
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