Suppose you borrowed $45,000 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. $7,594.46 b. $7,600.46 c. $7,618.46 d. $7,612.46 e. $7,606.46