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On December 1, 2016, Gardner Products borrowed $88000 on a 4%, 16 year note with annual installment payments of $5500 plus interest due on December

On December 1, 2016, Gardner Products borrowed $88000 on a 4%, 16 year note with annual installment payments of $5500 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2017?
A) $5500 principal plus $220 interest

B) $5500 principal plus $5500 interest

C) 3520 interest only

D) $5500 principal plus $3520 interest

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