After graduating this May, Dale is planning on buying a new Ferrari for $250,000. He decides to finance his new car with a 5 year loan from Citibank with a 12% interest rate. His annual payment is $48,986. What will Dale's principal payment be at the end of the first year? Group of answer choices a) $5879 b) $10000 c) $18986 d) $50000.
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