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Sandusky Company borrowed $27,000 from the Lakeside Bank by issuing a 11% four-year installment note....

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Accounting

Sandusky Company borrowed $27,000 from the Lakeside Bank by issuing a 11% four-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $8,702.81. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)

$2,901.

$2,339.

$2,970.

$967.

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