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 in the first year? Select the correct answer. a. $3,262.93 b. $3,285.73 c. $3,280.03 d. $3,268.63