Sandusky Company borrowed $10,000 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 $4,021.15. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)
A) $365.
B) $698.
C) $1,000.
D) $821.
Correct Answer:
Verified
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