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Sandusky Company borrowed $16,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making

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Sandusky Company borrowed $16,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $6.433.84. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar) Multiple Choice $1600 $715. $1,117 $2145

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