A farmer meets his short-term capital needs by establishing a line of credit and borrowing as follows. All the borrowed money plus interest is paid back on August 1 when the crop is sold. Calculate the approximate total amount of interest paid, assuming a 5% annual interest rate.

March 1 $40,000

April 1 $15,000

May 1 $9,000

June 1 $20,000

a. $16,350

b. $1,789

c. $4,200

d. $1,373