Question: Suppose you borrowed $ 1 0 , 0 0 0 at a rate of 7 % and must repay it in 4 equal installments at

Suppose you borrowed $10,000 at a rate of 7% and must repay it in 4 equal installments at the end of each of the next 4 years. How much would you still owe at the end of the third year, after you have made the third payment?
a. $2,252.28
b. $2,578.64
c. $2,759.14
d. $2,952.28
e. $5,337.78

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