Assume that you borrow $50,000 for ten years at an interest rate of 6.7% per year. If the loan has annual payments, what is the amount of principal in the first payment?

Question 7 options:

A)

$3,471.24

B)

$4,058.68

C)

$3,670.48

D)

$3,545.12

E)

$3,756.48