A $13,000 Loan Is to Be Amortized by Equal Monthly

Multiple Choice

A $13,000 loan is to be amortized by equal monthly payments for five years. The interest rate is 12% compounded monthly.
-How much will the debtor owe after two years (just after the payment is made at the end of two years) ?

A) $7,800.00
B) $8,783.65
C) $8,542.99
D) $8,504.31
E) $8,706.42