Suppose you borrowed $103,188.40 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year?

a. $19,852.73

b. $16,892.23

c. $17,414.67

d. $18,633.70

e. $18,807.85