A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and payments are made monthly for five years, what is the interest portion and what is the principal portion of the first monthly payment?

Group of answer choices

interest $8,611.88; principal $22,296.51

interest $8,611.88; principal $21,523.50

interest $21,523.50; principal $8,611.88

interest $22,296.51; principal $8,611.88

interest $22,936.82; principal $8,611.88

interest $8,611.88; principal $22,936.82