Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount $24,000 Interest rate 13% Annual payment Term (years) $8,068.66 4 The portion of the payment that is applied to interest in year 1 is $ (Round to the nearest cent.)