Miles Company borrowed $65,000 on January 1, 2021, by signing a 5% promissory note. The note is to be repaid in full by December 31, 2026. On December 31 of each year, Miles makes one payment on the installment note comprising blended interest and principal components. The amortization schedule for the note is presented below. Miles has a March 31 year-end. The company does not make monthly adjustments, but rather makes adjusting entries every quarter.

Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine the following answers:

DO NOT use dollar signs ($) or commas (,) in your responses, just simply type the number with no formatting (i.e 10000). Round all answers to the nearest dollar:

(a) the amount of the annual payment (1 point) $

(b) the amount of Interest Expense on this note to report in the year ended March 31, 2021 (1 point) $ _____

(c) the amount of Interest Expense to report in the year ended March 31, 2023 (1 point) $ ____

(d) the total interest and total principal paid over the notes entire life (1 point) $ _____