xHomewart 9 & 10o Sclved: Finencal rk 9&10 Help Save Dan Dayle started a business by issuing an $96,000 face-value note to First State Bank on January 1, Year 1. The note had an 8 percent annual rate of interest and a five-year term. Payments of $24044 are to be made each December 31 for five Required a. What tion of the December 31, Year 1, payment is applied to interest expense and principar? Principal b. What is the principal balance on January 1, Year so search