Two years ago, you purchased your first car and financed your purchase with a five-year loan

at 6.0% p.a. You were making monthly payments of $1,160 on the car loan and you have just

made your 24th monthly payment on the car today. Assuming that you have made all 24

payments on time, the current principal balance outstanding on your car loan is closest to:

a) $26,170.

b) $27,840.

c) $38,130.

d) $41,760.