Summit Industries purchased a supply of electronic components from Tiger Corporation on October 31, 2022. In payment for the $1,060,000 purchase, Summit issued a 1-year installment note to be paid in equal monthly payments of $94,180 at the end of each month. The payments include interest at the rate of 12%. What is the amount of interest expense that Summit will report in its income statement for the year ended December 31, 2022? O $21,325 O $20,364 $19,273 O $18,644