Ross Purchased a New Commercial Vehicle Today for $25,000

Multiple Choice

Ross purchased a new commercial vehicle today for $25,000. The entire amount was financed using a five-year loan with a 4 percent interest rate (compounded monthly) . How much will Ross owe on his vehicle loan after making payments for three years (i.e., when two years of payments remain) ?

A) $10,089.56
B) $10,602.44
C) $10,857.28
D) $11,345.77
E) $11,568.25