Suppose you borrowed

$45,000

at a rate of

8.4%

and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe at the end of the first year, after you have made the first payment?\ a.

$36,000,00

\ b.

$38,272.98

\ c

$37,390.39

\ d.

$34,492.98

\ e.

$33,610.39