On March 1, 2016, Vantage Services issued a 8% long-term notes payable for $28,000. It is payable over a 10 - year return in $2,800 principal installments on March 1 of each yearm beginning March 1, 2017. Each yearly installment will include both principal repyament of $2,800 and interest payment for the preceding one - year period. The journal entry to pay the first installment will include a debit to Interest Expense for $2,240,

TRUE or FALSE?