1. On December 1, 2024 a company borrowed $82,000 on a 8%, 10-year note with annual installment payments of $8,200 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2025? (Round to the nearest dollar)

   		$8,200 principal plus $656 interest
   		$6.560 interest only
   		$8,200 principal plus $6,560 interest
   		$8,200 principal plus $8,200 interest