Dan Dayle started a business by issuing an $91,000 face value note to First State Bank on January 1, 2018. The note had an 7 percent annual rate of interest and a five-year term. Payments of $22,194 are to be made each December 31 for five years. Required What portion of the December 31, 2018, payment is applied to interest expense and principal? What is the principal balance on January 1, 2019? What portion of the December 31, 2019, payment is applied to interest expense and principal? (Round your answers to the nearest dollar amount.)

Dan Dayle started a business by issuing an $91,000 face value note to First State Bank on January 1, 2018. The note had an 7 percent annual rate of interest and a five-year term. Payments of $22,194 are to be made each December 31 for five years. 1.11 Required points a. What portion of the December 31, 2018, payment is applied to interest expense and principal? b. What is the principal balance on January 1, 2019? c. What portion of the December 31, 2019, payment is applied to interest expense and principal? (Round your answers to the nearest dollar amount.) eBook Hint Print References a. Interest expense Principal Principal balance Interest expense Principal