Hank Purchased a $20,000 Car Two Years Ago Using an 8

Multiple Choice

Hank purchased a $20,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?

A) $8,000.00
B) $12,079.65
C) $12,941.12
D) $15,133.64