Question: Your Company issues a 4-year long-term notes payable for $200,000 on 1/1/21. The note provides for 6% annual interest and four equal annual payments of

Your Company issues a 4-year long-term notes payable for $200,000 on 1/1/21. The note provides for 6% annual interest and four equal annual payments of interest and principal of $57,718 on December 31 of each year, beginning in 2021. How much of the first payment would reduce principal

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