Chapter 10 Review Assignment 6 Hel Saved 2 Dan Dayle started a business by Issulng an $90,000 face-value note to First State Bank on January 1. Year 1. The note had an 8 percent annual rate of Interest and a five-year term. Payments of $22,541 are to be made each December 31 for five years. Required a. What portion of the December 31, Year 1, payment is applied to Interest expense and principal? 3.33 points 7.200 Interest expense Principal eBook Print References b. What is the principal balance on January 1, Year 2? al balance c.What portion of the December 31, Year 2, payment is applied to interest expense and principal? (Round your answers to the nearest doller amount.) Interest expense Principal Graw Prey 2 of 3 Next>