Dan Dayle started a business by issuing an $96,000 face value note to First State Bank on January 1, 2018. The note had an 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 a. What portion of the December 31, 2018, payment is applied to interest expense and principalt? 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 ook dollar amount.) a. Interest expense Principal b. Principal balance C. Interest expense Principal