On January 1,Year 1,Kale Farms Purchased a Tractor for $20,000

On January 1,Year 1,Kale Farms purchased a tractor for $20,000.The company signed a 6% installment note to pay off the debt,with 48 monthly payments over four years.Each payment is $469.70.How much interest must be paid over the life of the loan?

A) $1,200.00
B) $2,545.60
C) $4,800.00
D) none, since all of the interest was paid at the time the loan was recorded