HOW MUCH INTEREST IS TO BE PAID IN THE SECOND YEAR OF A 6-YEAR LOAN...

9. How much interest is to be paid in the second year of a 6-year loan of $100,000 with payments occurring at the end of each month, and a 6% annual interest rate compounded monthly? A) $1,389 B) $1,657 C) $4,731 D) $6,000 E) $9,887