Shepherd Company borrowed $25,000 from National Bank by issuing a 10% three year note. Shepherd agreed to repay the principal and interest by making three equal annual payments of $10,053. The amount of the principal repayment(ie, decrease in liability) associated with the second payment would be:

a)$1,745

b) $$7553

c)$ 8,308(answer)

d)$9,139

e) none of the above

Answer-> C

Hi. Can anyone please show me how to solve this question step by step? I know the answer is C, but I wanna know how to get to the answer.