Beach Blanket Bingo borrowed $80,000 from First National Bank at 8% for 4 years. Which of the following transactions best describes the totals when posting the first year's payments of $20,000 of principal and $6,400 of interest? Select the single best answer: A. credit Cash $20,000; debit Loans Payable First National $20,000 B. debit Loans Payable First National $20,000; debit Interest Expense $6,400; credit Checking $26,400 C. debit Cash $80,000; credit Loans Payable First National $80,000 D. credit Cash $80,000; debit Loans Payable First National $26,400 E. credit Loan Expense $26,400; debit Cash $26,400