Show all calculations. Answers will not be scored without supporting calculations. Some notes about the retest These will be graded out of 40 toward the 140 points on the original Exam 3. Your percentage grade will then be recalculated. The maximum grade that you may earn on Exam 3, with the re-do is 95%. Question 1: On January 1, 2023 a company borrowed $70,000 cash by signing a 9% installment note that is to be repaid with 4 annual payments of $21,607. Calculate (a) The amount of interest expense for the 12/31/2023 payment. (b) How much of the 12/31/23 payment will go toward paying down the principal of the loan? (c) What is the new balance due on the loan after this payment has been made