Suppose you have just borrowed $50,439 at an annual interest of 7.8% and must repay the loan in equal installments at the end of each of the next 14 years. By how much would you reduce the amount you owe (that is, principal) at the end of the first year? (Hint: Compute annual loan payment first and then the loan amortization schedule for the first year.) $2,114.96 $2,108.96 $2,112.96 $2,110.96 $2,116.96