On the day you graduate from college you borrow $35,000 from your local bank for five years at 6%. The terms stipulate that you will have to pay back in five equal annual installments. How much of your first payment will be for repayment of principal? a. $8,308.87 O b. $7,255.37 O c. $7,000.00 O d. $6,208.87 O e. $6,005.65

On the day you graduate from college you borrow $35,000 from your local bank for five years at 6%. The terms stipulate that you will have to pay back in five equal annual installments. How much of your first payment will be for repayment of principal? a. $8,308.87 b. $7,255.37 c. $7,000.00 d. $6,208.87 e. $6,005.65