Burlingame Co, is purchasing a new forklift to be used in its warehousing operations. Burlingame borrowed $120,000 from its bank in return for an installment note with 8% interest. Burlingame will make 6 equal annual payments of $25,958. Interest expense for the first period equale $25,95 $16.358 $9,600, $7,523 None of the above