Question 6 12 pts Columbia borrows cash at a 3% APY from Bank of USA to finance the construction of a new office complex on January 1st, 2022. The terms of the contract with Bank of USA require annual installment payments each December 31st. See the following terms of the agreement and amortization schedule. Interest Expense Note Payable Year Period Cash Paid Principal Reduction (3% Interest Rate) Balance January 1, $10,500,000 2022 1 (Year 2022 705,764.93 2 Year 2023 705.764.93