Use the Following Information to Answer Questions

Multiple Choice

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