Question: You have borrowed $ 4 8 , 1 8 5 and must make equal annual payments during the life of the loan, which is 4

You have borrowed $

48, 185

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

3.35 %

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.

You have borrowed $48,185 and must make equal annual payments during

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