Required information [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of Company A includes the following account balances: Accounts Cash Debit $13,000 Credit Accounts Receivable 37,600 Inventory 153,800 Land 85,300 Buildings 138,000 Allowance for Uncollectible Accounts $ 3,600 Accumulated Depreciation 11,400 01 Accounts Payable 37,500 Common Stock 218,000 Retained Earnings 157,200 Totals $427,700 $427,700 During January Year 1, the following transactions occur. Borrow $118,000 from Company B Corporation. The installment note bears interest at 64 annually and natures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. Receive $32,800 from customers on accounts receivable. Pay cash on accounts payable, $29,000. January 1 January 4 January 10 January Pay cash for salaries, 530,700. 15 January 30 January 31 Company A sales for the month total $210,600, Sales include $66,800 for cash and $143,800 on account. The cost of the units sold is $121,500. Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Round your interest calculation to the nearest dollar.