You have borrowed $21,424 and must make equal annual payments during the life of the loan, which is 4 years. Therefore, at the end of that time the loan balance must be zero. You agreed to pay 6.30% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan?Round to the nearest penny and enter your answer in the box below.

Answer rating: 100% (QA)

Heres how to calculate the interest paid in the second year of the loan 1 Ca... View the full answer