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Joe borrowed $20,000 from Buddy Bank by issuing a 10% three-year note. Joe agreed to repay the principal and interest by making annual payments in

Joe borrowed $20,000 from Buddy Bank by issuing a 10% three-year note. Joe agreed to repay the principal and interest by making annual payments in the amount of $8,042. Based on this information, what is the amount of the interest expense associated with the second payment? (Round your answer to the nearest dollar.)

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