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1- ) XYZ Inc. borrowed $200,000 from its bank by signing a 10%, 15 years note payable in January. The note calls for 180 monthly

1- ) XYZ Inc. borrowed $200,000 from its bank by signing a 10%, 15 years note payable in January. The note calls for 180 monthly payments of $2,000. Each payment includes an interest and principal component.

What is the interest expense for January?

What is the portion of payment that will be applied to principal in the month of February?

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