You have just arranged a three-year bank loan for $200,000 at an interest rate of 8% p.a. with interest compounded monthly. The loan will be repaid in equal monthly instalments and the first payment will be due one month from today. Assuming end-of-the-month cash flows, the total interest paid in thesecondmonth will beclosestto ...?

$1,300.

$1,333.

$4,967.

$6,267.