Ten-year, 11-percent bonds payable of \(\$ 500,000\) were issued for \(\$ 532,000\). Assume that the straight-line amortization method is appropriate. The total annual interest expense on these bonds is ( \(p .642\) )

a. \(\$ 51,800\)

b. \(\$ 55,000\)

c. \(\$ 58,200\)

d. A different amount each year because the bonds' book value decreases as the premium is amortized