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I got the question wrong, what's the correct solution? Sandusky Company borrowed $27.000 from the Lakeside Bank by issuing a 11% four-year installment note. Sandusky

I got the question wrong, what's the correct solution?image text in transcribed

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) $967. $2.970. $2.339. $2.901

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