Installment Notes}

ABC Bank loans \(\$ 250,000\) to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is \(12 \%\).

\section*{Required:}

If the monthly payment is \(\$ 2,571.53\), how much of the first payment is interest expense and how much is principal repayment? (Note: Round to the nearest cent.)

\section*{Exercise