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Nation Shipping Corporation issued a $25,000, 6%, 4-year installment note payable on January 1, 2021 to purchase a delivery truck. Payments of $587.13 are due

Nation Shipping Corporation issued a $25,000, 6%, 4-year installment note payable on January 1, 2021 to purchase a delivery truck. Payments of $587.13 are due at the end of each month for 48 months. How much will be recorded for interest expense for the first payment on January 31, 2021? Multiple Choice $1,500.00 $125.00 $587.13

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