Mr. Jones bought a building for $80,000, payable on the following terms: a $13,000 down payment and 24 equal annual installment payments to include principal and interest of 12 percent per annum. Use Table IV or a financial calculator to answer the questions. Round your answers to the nearest cent. Calculate the amount of the installment payments. $ 8607.40 How much of the first year's payment goes toward reducing the principal amount? $ -102.60