Peachtree Company borrows $$23,000$ from the local bank at $5\%$ interest. The

term of the note is $5$ years, and the annual payments remain constant at

$$5,312.$ Determine the decrease in notes payable that Peachtree Company

should record in the first year.

a$.$ $$1,062$

b$.$ $$1,150$

c$.$ $$4,162$

d$.$ $$5,312$