Geary Co. assigned $1,600,000 of accounts receivable to Kwik Finance Co. as security for a loan of $1,340,000. Kwik charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Geary collected $440,000 on assigned accounts after deducting $1,520 of discounts and remit the collection to Kwik. Geary accepted returns worth $5,400 and wrote off assigned accounts totaling $11,920. What is the journal entry that Geary should make to remit the collection to Kwik?

The answer is Dr note payable 428833.33

Dr interest expense 11116.67

Cr cash 440000

My question is how did we get 11116.67?

and can you also show all the journal entries for this question? (the write off, the initial transaction, etc)?