Recording Loan Amortization

I own a $1000 loan at 8.25% (the current prime rate) monthly, maturing in 24 months. A payment of $96.97 is made every month. How do I record this (The first payment was made today)? Do I seperate the interest and principal? Like this:

Cash

Item Dr Cr Bal

------------------------------------------------------------------ Start 0 Equity 4000 4000 Loan 1000 3000

1st.Pay 96.97 2903.03

Equity

Item Dr Cr Bal

------------------------------------------------------ Start 0 Equity 4000 (4000)

Assets

Item Dr Cr Bal

-------------------------------------------------------------------- Start 0 Loan 1000 1000

Interest Paid

Item Dr Cr Bal

------------------------------------------------------------------------ Start 0

1st.Pay 82.50 (82.50)

Principal Paid

Item Dr Cr Bal

--------------------------------------------------------------- Start 0

1st.Pay 14.47 (14.47)

Is this the correct way to record this type of loan? Thanks!!!!!