You are arranging financing for a new car from Jamison Cars, Inc. The car has a sticker price of $42,000, an instant rebate of $3,500, and a fair market value of $39,000. You sign a loan contract for 60 monthly payments based on a rate of 7.3% per year and drive home with your new car. (Your market rate of return for the risks you pose for a car loan is 5.5%.)

How much interest will you pay in the first year of the loan (rounded to two places)?

Group of answer choices

$9,213.72

$3,452.28

$6,621.72

$2,592.00