The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1); ( (c) the note payable balance at January 1, 2024; and ( d ) the total interest and total principal paid over the note's entire life. (Round your answers to the nearest whole dollar amount.)
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