The Marx Company issued $78,000 of 11% bonds on April 1 of the current year at face value. The bonds pay interest semiannually on January 1 and July 1. The bonds are dated January 1, and mature in five years, on January 1. Determine the total interest expense related to these bonds for the current year ending on December 31.

Select the correct answer.

$8,580

$6,435

$4,290

$715