Problem:
John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to repay the loan in 15 equal annual payments.
Required:
Question: What is the principal outstanding after the first loan payment?
A) $143,555
B) $134,560
C) $141,200
D) None of these options
Note: Please explain comprehensively and give step by step solution.