Respuesta :
The interest you would pay in year 2 is $3,600.
What is an interest?
In the fields of finance and economics, interest is defined as the payment of a sum over and above the principal amount (the amount borrowed) at a set rate by borrower or deposit-taking the financial institution to lender or depositor. It is different from a fee that the borrower may pay to the lender or another entity. It also differs from dividend, which is money given to the shareholders (owners) by company from its profit or reserve, but not at set rate predetermined beforehand, but rather on pro rata basis as a portion of the rewards received by risk-taking businesspeople when revenue is earned that exceeds all costs.
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