Your company has just taken out a 1-year installment loan for $70,500 at a nominal rate of 16.0% but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?

a. 85.30%

b. 87.59%

c. 86.24%

d. 86.21%

e. 86.44%