Computing Installment Payment on Note Payable

On January $1,$ a borrower signed a long$-$term note, face amount $$50,000,$ with time to maturity of $6$ years. The interest rate is $7\%,$ and equal annual installme

payments will pay off the loan after six years.

a$.$ How much is each annual installment payment?

b$.$ Record the first installment payment on December $31.$

Note: Round your answer to the nearest whole dollar.

Note: Do not use negative signs with your answers.