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If the monthly payment is 241660 by how much will the

Question - Camp Elim obtains a $125,000, 6%, five-year loan for a new camp bus on January 1, 2018. If the monthly payment is $2,416.60, by how much will the carrying value decrease when the first payment is made on January 31, 2018?

a. $625

b. $1,791.60

c. $2,416.60

d. $1,000.60

e. $0

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Accounting Basics: If the monthly payment is 241660 by how much will the

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