Good luck Question 8 5 pts Suppose you have just borrowed $53,499 at an annual interest of 7.8% and must repay the loan in 8 equal installments at the end of each of the next 8 years. By how much would you reduce the amount you owe (that is, principal) at the end of the first year? Round your answer to two decimal places of dollar, but do not include $ sign in your answer, e.g., X,XXX.XX. (Hint: Compute annual loan payments first and then construct the loan amortization schedule for the first year.)