Dan Dayle started a business by issuing an $$96,000$ face value note to First State Bank on January $1,$ Year $1.$ The note had a $8$ percent annual rate of interest and a five$-$year term. Payments of $$24,044$ are to be made each December $31$ for five years.

Required:

What portion of the December $31,$ Year $1,$ payment is applied to interest expense and principal?

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

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