Suppose You Borrowed $50,000 at a Rate of 8

Multiple Choice

Suppose you borrowed $50,000 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) $31,171.28
B) $41,146.10
C) $40,730.48
D) $41,561.71
E) $45,302.27