Dan Dayle started a business by issuing an $99,000 face-value note to First State Bank on percent annual rate of interest and a five-year term. Payments of $23,502 are to be made each December January 1, Year 1. The note had an 6 Required a. What b. What is the principal balance on January 1, Year 2? c. What portion of the December 31, Year 2, payment is applied to interest expense and principal? (Round your answers to the nearest dollar amount.)