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