Suppose you borrowed $7,500 at a rate of 4% and must repay it in 3 equal installments at the end of each of the next 3 years. How much would you still owe at the end of the second year, after you have made the second payment?
a. $2,233.50
b. $2,598.67
c. $2,855.33
d. $3,000.00
e. $3,225.22