On January 1, Year 1, Alex Inc. signed a 5 year lease to acquire a piece of equipment. A down payment of 20,000 was made on January 1st and the remaining four payments of 20,000 are due on December 31 of Years 1, 2, 3 and 4. The interest rate used is 4%. Rounded to the nearest dollar, what amount of interest expense should Alex record in Year 1? 4,000 2,904 none of the other answe 3,562 3,200