Terms: Borrowed $$30,000,$ by signing a $5$ year installment note with $5\%$ interest and annual payments of $$6,929\mathrm{.}24.$

Period Cash Payment Interest Expense Reduction of Note Payable Note Payable Balance

$30,000$

$1$

$2$

$3$

$4$

$5$

What would be the amount of interest expense for the $1$st period?