Dan Dayle started a business by issuing an $$99,000$ face$-$value note to First State Bank on January $1,$ Year $1.$ The note had an $6$ percent annual rate of interest and a five$-$year term. Payments of $$23,502$ 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?

$\backslash$table$[[$Interest expense,$$,5,940],[$Principal$,$$$,17,562]]$

b$.$ What is the principal balance on January $1,$ Year $2?$

Principal balance

c$.$ What portion of the December $31,$ Year $2,$ payment is applied to interest expense and principal?

Note: Round your answers to the nearest dollar amount.

Interest expense

Principal