QUESTION $14$

Suppose you borrowed $$265,000$ at ahsate of $5\%$ and must repay it in $20$ equal installments at the end of each of the next $20$ years. How m is paid off during the first year?

$$5,100\mathrm{.}58$

$$8,014\mathrm{.}29$

$$13,250\mathrm{.}00$

$$17,411\mathrm{.}50$

$$21,264\mathrm{.}29$