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uppose you borrowed $29,000 at a rate of 11.3% and must repay it in 5 equal installments at the end of each of the next

uppose you borrowed $29,000 at a rate of 11.3% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?

a. $7,103.18

b. $3,277.00

c. $7,905.84

d. $4,106.13

e. $9,077.00

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