Suppose you borrowed 30,000 at a rate of 8.5% 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. 22,112.76
b. 19,118.33
c. 23,034.13
d. 20,961.06
e. 22,343.11