How to work Finance problem?

graduate work experience

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year?


I know the answer is $2,531.49 from looking it up, I don't know how to get to it though.


Please help!


Thanks,


Ryan

How to work Finance problem?