question 20

Rasmus borrowed $50,000 at 5% per annum to buy a car. He will make monthly payments for 5 years. The first payment will be exactly one month from today. What is the remaining balance on his car loan immediately after he makes the 19th payment? (Assume that all required payments to that point were made on time). 1) $37,371.45 O2) $35,494.23 3) $34,698.56 4) $41,638.28 5) $42,593.08