2 How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of the note? 4. Prepare the horizontal model and record the journal entries, to show the equal annual payments of principal and inter at the end of each year. Complete this question by entering your answers in the tabs below. Req A Req B Reqc Req D Req Ela Reg Elb Req E2 Reg E3 Reg E4a Req E4b Assume that a machine was purchased for $53,700. Cash of $15,400 was paid, and a four-year, 8% note payable was signed for the balance. What is the total amount of interest expense that will be reported over the life of the note? Total interest payments o ir