Brian Kelvin has just approached a bank for financing for his new restaurant, Chef's Choice. The bank is willing to loan Chef's Choice Inc. $240,000 at a high-risk interest rate of 8%. The loan is payable over three years in quarterly payments of $22,694. Chef's Choice received the loan on April 30, 2021. It made the first payment on July 31. The company's year end is October 31.

What is the loan balance on October 31, 2021?

Question 2 options:

	$203,854
	$240,000
	$185,237
	$222,106