Here is an excerpt from GM's balance sheet: Statement of financial Position at December 31, 2003 (in millions) The book value of equity for GM on December 31, 2003 is: a. $ 42, 454 million b. $ 434, 984 million c. $ 68, 701 million d. $ 669 million On June 1, you borrowed $195, 000 to buy a house. The mortgage rate is 5.25 percent. The loan is to be repaid in equal monthly payments over 15 years. All taxes and insurance premiums are to be paid separately. The first payment is due on July 1. How much of the first payment applies to the principal balance? a. $714.43 b. $721.14 c. $658.56 d. $743.38