Suppose You Borrowed $15,000 at a Rate of 8

Multiple Choice

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?

A) $2,404.91
B) $2,531.49
C) $2,658.06
D) $2,790.96
E) $2,930.51