Hager Co. acquires a computer for 37,938

Hager gives a 3 year interest bearing note with a maturity value of 40,000

The note requires annual payments of 6% or 2,400 payable at the end of each year

The interest rate implicit in the note is 8% per year

What is the interest expense for year 1?

What would be the calculated note payable for year 1?

Any and all help would be appreciated.