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Question 26 3.5 pts You have borrowed $22,696 from your parents and have agreed to amortize the loan over 5 years making equal annual payments

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Question 26 3.5 pts You have borrowed $22,696 from your parents and have agreed to amortize the loan over 5 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 6.2% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below

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