Answer:
$116,546.76
Explanation:
Loan amount=$1470000
interest expense in 2019=$1470000*9.5%=$139,650
annual repayment=$382,842
Balance of the loan as the end of 2019=loan amount-annual repayment+interest expense
Balance of the loan as the end of 2019=$1470000-$382,842+$139,650
balance of the loan as of the end of 2019=$1,226,808
2020 interest expense=balance as the end of 2019*interest rate
2020 interest expense=$1,226,808 *9.5%
2020 interest expense=$116,546.76
