Sandusky Company borrowed $27,000 from the Lakeside Bank by issuing a 11% four-year installment note....
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Accounting
Sandusky Company borrowed $27,000 from the Lakeside Bank by issuing a 11% four-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $8,702.81. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)
$2,901.
$2,339.
$2,970.
$967.
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