You purchase a new yacht worth $935,000 by making a $200,000 down payment and financing the remaining balance with a 10-year loan charging annual interest at a rate of 8.5%, compounded monthly. how much of your first monthly payment is applied to the principal? round your answer to the nearest cent.
A) $5206.25
B) $3906.70
C) $9112.95
D) $6622.92
E) $4969.74