Suppose You Borrowed $12,000 at a Rate of 9% and Must

Multiple Choice

Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next 4 years.How much would you still owe at the end of the first year,after you have made the first payment?

A) $7,636.79
B) $8,038.73
C) $8,461.82
D) $9,375.98