Dan Dayle started a business by issuing an 80,000 face value note to First State Bank on January 1 year 1. The note had an 8% annual rate of interest and a 5 year term. payment of 20,037 are to be made each December 31 for 5years. a What portion of the December 31 year 1 payment is applied to the interest expense and principal? B. What is the principal balance on January 1 year 2. c What portion of the December 31, year 2, payment is applied to interest expense and principal? round of yo nearest dollar amount.