Use the following information to answer questions
On September 30, 2010, Payne Industries bought a new automobile for $16,189. Payne made a $2,000 down payment and financed the rest at 6.5% interest over the next 60 months. Payne's monthly payment is $277.62. The first payment is due on October 31, 2010.
-What is Payne's liability (principal only) relative to this note on November 1, 2010? (Round to the nearest dollar.)
A) $13,364
B) $13,911
C) $13,988
D) $14,112
E) $15,988

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Use the following information to answer questions 
On September 30, 2010, Payne Industries bought a new automobile for $16,189. Payne made a $2,000 down payment and financed the rest at 6.5% interest over the next 60 months. Payne's monthly payment is $277.62. The first payment is due on October 31, 2010.
-What is Payne's liability (principal only) relative to this note on November 1, 2010? (Round to the nearest dollar.)
A) $13,364
B) $13,911
C) $13,988
D) $14,112
E) $15,988

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The Answer of Use the following information to answer questions 
On September 30, 2010, Payne Industries bought a new automobile for $16,189. Payne made a $2,000 down payment and financed the rest at 6.5% interest over the next 60 months. Payne's monthly payment is $277.62. The first payment is due on October 31, 2010.
-What is Payne's liability (principal only) relative to this note on November 1, 2010? (Round to the nearest dollar.)
A) $13,364
B) $13,911
C) $13,988
D) $14,112
E) $15,988

Use the Following Information to Answer Questions