Exercise $23\mathrm{.}6($Algo$)$ Budgeting for Interest Expense $($LO$23-4,$ LO$23-5)$

On February $1,$ Willmar Corporation borrowed $$100,000$ from its bank by signing a $12$ percent, $15-$year note payable. The note calls for $180$ monthly payments of $$1,340.$ Each payment includes an interest and a principal component.

Required:

a$.$ Compute the interest expense in February.

b$.$ Compute the portion of Willmar's 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.

c$.$ Compute the carrying value of the note on April $30.$

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

$\backslash$table$[[$a$.$ Interest expense,$$,1,000],[$b$.$ Payment that will be applied to the principal of the note,$$,343],[$c$.$ Carrying value,$$,99,317]]$