On January $1,$ management purchased a new machine and financed the purchase with a loan from the bank. The firm must pay $$12,000$ on December ${31}^{st}$ every year for eight years to pay off the loan. Assuming an interest rate of $9\%$ compounded annually, determine the carrying value of the Note Payable at the end of the first year $($round to the nearest whole dollar; circle the answer that is closest to your calculation$).$

a$.$ $$96,000$

b$.$ $$87,360$

c$.$ $$84,000$

d$.$ $$66,418$

e$.$ $$60,396$

$\backslash$table$[[$Date$,$Cash Payment,Interest Expense,$\backslash$table$[[$Reduction of$],[$Principle$]],$Carrying Value$],[$Issuance$,,,,],[,,,,],[,,,,]]$