An advertisement for specialized equipment states that the list price of the equipment is $ 80,000. It requires a prompt payment of $ 20,000 and to assume a promissory note for five years and an interest rate of 12% per year. The promissory note stipulates an annual payment of $ 14,980. The first payment will be made one year after purchasing the equipment. 1. At what quantity should the equipment be registered when it is purchased? 2. How much will the debt balance be after making the second annual payment?