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: a. What portion of the December 31, Year 1, payment is applied to 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 opplied to interest expense and principal? Note: Round your answers to the nearest dollar amount