a company acquires assets recorded at $240,000 by paying $120,000 cash and taking on a 12-year installment note with semi-annual payments and a 6% interest rate on June 30,2020. if the company has a December 31 year-end on June 30,2021, what amount of interest expense is recorded on this note?

a. $3,400

b.$7,200

c.$7,900

d.3,450