Part II. The Princess Caf borrowing $50,000 from the Third Federal Bank on September 1, 20x1. The amount will be repaid in equal monthly installments over a two-year period. The first payment is due October 1, 20x1. Subsequent payments are due on the first of each month until the note is paid off. The annual interest rate is 12%. Assume the monthly payments are $2,353.67. Required: 1. 2. How much of the first payment is interest? How much interest is accured on December 31, 20x1