Suppose you borrowed $15,000 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 at the end of the first year? (in other words, how much of the principal anount of the loan have you paid off)

A. $2,404.91

B $2,531.49

C. $2,930.51

D. $2,790.96

E. $2,658.06