On January 1, Year 1, Platte Corporation issues a 5-year note payable for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal.Which of the following correctly shows the effects of the December 31, Year 2 payment (rounded to the nearest whole dollar) ? 
Definitions:
Sooner Rather Than Later
A phrase encouraging prompt action or decision making to avoid potential problems or to seize opportunities quickly.
Two-Column List
A method used for organizing information or data into two distinct columns, often for comparison, contrast, or dual categorization purposes.
Buying
The action of purchasing goods or services.
T-Account
A graphic representation of a ledger account that is used in accounting to depict the effects of transactions on an account balance.
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