Sanders Co. Is planning to finance an expanslon of its operations by borrowing $48,000. City Bank has agreed to loan Sanders the funds. Sanders has two repayment options: (1) to Issue a note with the principal due In 10 years and with Interest payable annually or (2) to Issue a note to repay $4,800 of the principal each year along with the annual Interest based on the unpald principal balance Assume the Interest rate is 10 percent for each option. 3.33 points Requlred a. What amount of Interest will Sanders pay In Year 1 under option 1 and under option 2? (Round your final answers to the nearest dollar amount.) Answer is complete but not entirely correct. Amount of Interest Under option 1 Under option 2 3.840 3,840 b. What amount of Interest will Sanders pay In Year 2 under option 1 and under option 2? (Round your final answers to the nearest dollar amount.) Answer is complete but not entirely correct. Amount of Interest Under option 1 Under option 2 3.840 3.456 Mc Graw Hill Prey1 of 3Net>