Bonsall Company issued $200,000 six-year bonds on January 1, 2019. The coupon rate for these bonds is 4% and the market rate on the date of issuance was 3%. Assuming Bonsall pays interest on the bonds annually, what is the total interest expense over the life of the bonds?

Select one:

a. $48,000.00

b. $152,000.00

c. $43,337.53

d. $37,165.62