On December 1, 2024, Garden Products borrowed $87,000 on a 6%, 8-year note with annual installment payments of $10,875 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 your answer to the nearest dollar.) O $5220 interest only $10,875 principal plus $10,875 interest O $10,875 principal plus $5220 interest O $10,875 principal plus $653 interest