Your business has just taken out a 1-year installment loan for $72,500 at a nominal rate of 6.0% but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?

Select the correct answer.

a. 96.06%

b. 91.86%

c. 94.66%

d. 90.46%

e. 93.26%