A company decides to obtain a small-business loan of $221,000. The financial institution from which the company borrows offers two options: a. Borrow $221,000 at 6% with monthly payments of $4,272,55 over 5 years. b. Borrow $221,000 at 7% with monthly payments of $2,566.00 over 10 years. Required: 1. Record the issuance of an instaliment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the payments for the first and second month under each option. (If no entry is required for a particular transactionvevent, select TNo Journal Entry Required" in the first account field, Do not round intermediate calculations. Round your answers to 2 decimal places.)