A five-year, 6%, $47,000 note payable is issued on January 1. Terms include fixed annual principal payments of $9,400, plus interest on the outstanding balance. The entry to record the first instalment payment will include a debit to Cash of $9,400. credit to Notes Payable of $9,400. I credit to Notes Payable of $12,220. credit to Interest Expense of $2,820. debit to Notes Payable of $9,400. If a ten-year bond has a face value of $10,000, a 6% coupon interest rate and a 4% market interest rate, both per annum. Each semi-annual interest payment will be $400. $600. None of the answers are correct. $200. $300