Toby is borrowing $500,000 to buy a house, and he will repay this loan with 25 equal yearly payments starting one year from today. If the effective annual interest rate is 14%, what is the dollar amount of each yearly payment?

I don't know how to do this, please help. I don't JUST want the answer, I want an expalanation on how to do the problem and eventually get the answer myself.

Thank you

Toby is borrowing $500,000 to buy a house, and he will repay this loan with 25 equal yearly payments starting one year from today. If the effective annual interest rate is 14%, what is the dollar amount of each yearly payment? Select one: o a. $75,890 o b. $72,749 c. $50,877 d. $62,900 o e. $60,344