Question: Use the following information for to answer the question (it will be helpful to create an amortization table). Tony borrows $1100.00 at an annual interest

Use the following information for to answer the question (it will be helpful to create an amortization table). Tony borrows $1100.00 at an annual interest rate of 6.0%. He receives the loan on the first day of the current month and will make monthly payments on the first day of each of the following months until the loan is repaid after 24 months. The monthly loan payment is $48.75. How much of Tonys fifth loan payment will be applied to loan principal?

A. $44.12

B. $48.75

C. $43.25

D.$34.17

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