Suppose you borrowed $14,000 at a rate of 10.0% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?
A. $1,200.33
B. $1,263.50
C. $1,330.00
D. $1,400.00
E. $1,470.00
Answer: D
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