You Have Just Taken Out an Installment Loan for $100,000

Multiple Choice

You have just taken out an installment loan for $100,000.Assume that the loan will be repaid in 12 equal monthly installments of $9,456 and that the first payment will be due one month from today.How much of your third monthly payment will go toward the repayment of principal?

A) $7,757.22
B) $6,359.12
C) $7,212.50
D) $7,925.88
E) $8,333.33