Question: On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments

On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,360. Each payment includes an interest and a principal component.

Required:

Compute the interest expense in February.

Compute the portion of Willmars March 31 payment that will be applied to the principal of the note.

Note: Round your intermediate calculations and final answer to the nearest dollar amount.

Compute the carrying value of the note on April 30.

Note: Round your intermediate calculations and final answer to the nearest dollar amount.

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