Dan
Dayle started a business by issuing an $97,000 face value note to
First State Bank on January 1, Year 1. The note had an 8 percent
annual rate of interest and a five vear term. Payments of $24.294
are to be made each December 31 for five years Required a What
portion of the December 31. Year 1. payment is apolied to interest
expense and principal b. What is the principal balance on January
1. Year 2? e. What portion of the December 31, Year 2, payment is
applied to interest expense and principal? (Round your answers to
the nearest dollar amount)