On January 1, Year 1, Mahoney Company borrowed $177,000 cash from Sun Bank by issuing a 5 -year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the foan equals $40,950 What is the amount of principal repayment included in the payment made on December 31 , Year 1 ? Multiple Choice 540,950 537674 514160 $26790