On August 1, a $55,200, 9%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest be paid each year on July 31. The present value of an annuity factor for 3 years at 9% is 2.5313. The present value of a single sum factor for 3 years at 9% is 0.7722. The payment each July 31 will be:

a. $18,400.00 b. $21,807.02 c. $19,200.00 d. $18,800.00 e. $3407.02