Company borrows $85,000 at 8% annual interest for seven years on January 1, Year1. Company must make 7 equal payments at the end of every year that includes principal and interest amounts. (It's a 7-year loan with equal annual payments.)

Round each final answer to the nearest dollar.

A. What will Company's annual payment need to be? B. How much interest expense will Company record for Year1? C. What will be the balance in the note payable account after December 31, Year1 payment?