Suppose You Borrowed $75,000 at a Rate of 8

Multiple Choice

Suppose you borrowed $75,000 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) $17,414.67
B) $16,892.23
C) $19,852.73
D) $18,807.85
E) $18,633.70