A company issues a $200,000, 5%, six-year note on January 1, 2021. If the monthly payment is $3,220.99, what is the note’s carrying value after the first month’s payment is made on January 31, 2021?

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A company issues a $200,000, 5%, six-year note on January 1, 2021. If the monthly payment is $3,220.99, what is the note’s carrying value after the first month’s payment is made on January 31, 2021?

A) $197,612.34

B) $200,000.00

C) $196,779.01

D) $199,166.67

Answer: A

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