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CV. Manggis received $300,000 when it issued a $300,000, 10%, 20-year mortgage note to finance the construction of a building on December 31, 2023. The

CV. Manggis received $300,000 when it issued a $300,000, 10%, 20-year mortgage note to finance the construction of a building on December 31, 2023. The terms of the loan include installment payments of $42,100 every December 31. How much interest expense does the company recognize in the 3rd year installment?

a. $27.459

b. $28.790

c. $14.641

d. $30.000

e. $12.100

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