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A bank lends you $80,000 at a rate of 8.5% which must repay in 5 equal payments at the end of each of the next
A bank lends you $80,000 at a rate of 8.5% which must repay in 5 equal payments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year?
Group of answer choices
$13,501.26
$15,256.42
$16,201.51
$16,336.52
$15,796.47
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