Assume a homeowner borrows P50,000 on a mortgage loan and the loan is to be repaid in five equal instalments at the end of the next 5 years. 6% interest is charged on the balance of the loan at the beginning of each year. Installment payment is P11,869.72 Calculate the principal repayment made in year 1. Select one: a. P9,869.72 O b. P6,889.72 O c c. P8,869.72 O d. P8,968.72