20. Regal Company purchased a machine from Fine Corporation on October 31, 2021. In payment for the $288,000 purchase, Regal a issued a one-year installment note to be paid in equal monthly payments of $25,588 at the end of each month. The payments include interest at the rate of 12%. The amount of interest expense that Regal will report in its income statement for the year ended December 31, 2021, is: A. $2,559. B. $2,880. C. $5,760 D. $5,533