Horseman Pileggi borrowed $25,000 at a rate of 8% and must repay it in four equal installments at the end of each of the next 4 years. By how much would he reduce the amount he owes in the first year? a. $7548.02 b. $443.66 C. $5,548.02 d. $2,000.00 e. None of these are correct