Present Value of an Annuity Due: Payment or receipt made at beginning of each period.

On January 1, 2017 ABC Company purchased land for an agreed purchase price of $42,300. ABC gave a $10,000 cash down payment and financed the balance with a long-term note payable. ABC signed an interest-bearing note requiring five equal annual payments of principal and interest with the first payment due immediately at the time of purchase. The stated interest rate was 12% & presumed reasonable. ABCs year end is Dec. 31st. Required: a. Compute the amount of the payments b. Compute interest expense for the year ended December 31, 2017. c. What is the PV of the note at December 31, 2017?