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
Answer: B
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