TB MC Qu$.143($Algo$)$ On July $1,$ Shady Creek Resort borrowed...

On July $1,$ Shady Creek Resort borrowed $$320,000$ cash by signing a $10-$year, $11\mathrm{.}5\%$ installment note requiring equal payments each June $30$ of $$55,480.$ What amount of interest expense will be included in the first annual payment?

Multiple Choice

$$32,000$

$$55,480$

$$301,320$