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You have borrowed a loan of $20,000 from a bank to buy a car from Chase at the interest rate of 7.5% each year. You

You have borrowed a loan of $20,000 from a bank to buy a car from Chase at the interest rate of 7.5% each year. You have promised Chase to make annual mortgage style payments. If you want to borrow this loan for three years, what is the principal payment in year one? Select one: a. $6,190.75 b. $1,500.00 c. $ 7,690.75 d. $ 7,153.75 e. None of the above

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