You borrow $30 000. The loan is structured as an amortized loan to be repaid over 5 years with annual (end-of-period) payments of $6625.63 per year. The lender is charging you a rate of 3.4% APR. At the end of the second year, how much principal remains owing?
The principal owing at the end of the second year is $______ (Round to the nearest cent.)
a) $15,938.75
b) $16,196.45
c) $17,281.20
d) $17,554.37