Bernard borrows $100,000 on January 1, 1993, to be repaid in 360 monthly installments at a nominal annual interest rate of 9% convertible monthly. The first monthly payment is due February 1, 1993. Bernard misses the first payment, but begins payments on March 1, 1993, and makes 359 payments. Determine how much Bernard still owes on the loan after making his 359th payment.

Less than $11,500

At least $11,500 but less than $11,600

At least $11,600 but less than $11,700

At least $11,700 but less than $11,800

At least $11,800