On December 1, 2018, Garden Products borrowed $94,000 on a 6%, 8-year note with annual installment payments of $11,750 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2019? (Round your answer to the nearest whole number.) O A. $11,750 principal plus $11,750 interest O B. $11,750 principal plus $705 interest C. $5,640 interest only OD. $11,750 principal plus $5,640 interest