Required information [The following information applies to the questions displayed below.] On March 1, Hugh Corporation plans to borrow $550,000 from the Scotland State Bank by signing a 12%, 15- year note payable. The note calls for 180 monthly payments of $6,000, which includes both interest and principal components. Of Hugh's budgeted debt service cost of $6,000 in March, the amount applied to the principal of the note totals: Multiple Choice $4,500. $5,000. $4,000, $500