On July 1,Shady Creek Resort Borrowed $250,000 Cash by Signing

Multiple Choice

On July 1,Shady Creek Resort borrowed $250,000 cash by signing a 10-year,8% installment note requiring equal payments each June 30 of $37,258.What amount of principle will be included in the first annual payment?

A) $20,000
B) $37,258
C) $25,000
D) $232,742
E) $17,258