On December 1. 2016. Gardner Products borrowed $80,000 on a 9%: 8-year note with annual installment payments of $10,000 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1. 2017? (Round your answer to the nearest whole number.) $10,000 principal plus $7, 200 interest $10,000 principal plus $900 interest $7, 200 interest only $10,000 principal plus $10,000 interest