Sandusky Company borrowed $14,000 from the Lakeside Bank by issuing a 10% three-year installment note....
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Sandusky Company borrowed $14,000 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 $5,629.61. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)
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