explain the steps to arrive at the answer to the following question: My company has just taken out a 1 year installment loan for $72500 at a nominal rate of 20.00% but with equal end of the month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal?
A 83.37%
B 83.33%
C 82.01%
D 83.07%
E 84.76%