A local company has just approached a venture capitalist for financing to develop a ski hill. On April $1,2024,$ the venture capitalist lent the company $$1\mathrm{.}06$ million at an interest rate of $4\%.$ The loan is repayable over four years in fixed principal payments. The first payment is due March $31,2025.$ The ski hill operator's year end will be December $31.$

Kecord the issue of the note payable on April $1,2024.($List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles

Apr. $1$

Cash

Debit

Credit

Notes Payable

Notes Payable

Question Part Score

Calculate the amount of the fixed principal payment.