On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of the first annual payment goes toward principal reduction of the note?

a. $20,000

b. $17,258

c. $232,742

d. $37,258

e. $25,000

On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10 -year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of the first annual payment goes toward principal reduction of the note? Multiple Choice $20,000 $17,258. $232,742. $20,000 $17,258. $232,742. $37,258. $25,000