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.How much would you still owe at the end of the first year, after you have made the first payment?

A) $10,155.68
B) $10,690.19
C) $11,252.83
D) $11,845.09
E) $12,468.51