On August $1,$ a $$36,000,8\%,3-$year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $$13,969.21.$ The entry to record the first payment on July $31$ would include:

Multiple Choice

Credit to Cash $$11,089\mathrm{.}21$

Debit to Cash of $$13,969\mathrm{.}21.$

Debit to Notes Payable of $$13,969\mathrm{.}21$

Credit to Notes Payable of $$13,969\mathrm{.}21$

Debit to Interest Expense of $$2,880\mathrm{.}00.$