Over recent years, the United States has gone from being a "positive savings" to a "negative savings" nation (i.e. we spend more money than we earn). Suppose a typical American household spend $10,000 more than it makes for eight consecutive years. If this debt is financed with credit cards at a rate of 15% (assume EOY rather than monthly payments), what annual repayment will be required to repay the debt over ten years? [Hint: Repayments will start at EOY 9]

a. $10,000 b. $13,727 c. $19,930 d. $27,358 e. $28,537