4. On September 30, 2019, World Company borrowed $1,000,000 on a note payable with a 5% stated interest rate. The first quarterly payment of S261,635 including principal and interest was made December 31, 2019. How much interest expense was included in the first payment and how much is total interest over the 1-year life of the note? Interest in first payment Total interest $12.500 $50,000 $12,500 $46,540 $11.635 $50,000 $11.635 S46,540