During the calendar year, Majestrado Trading had the following transactions involving promissory notes:

• Received a 50,000 90-day 12% promissory note on July 1 from one of its customers. The customer honored the note on maturity date.
• Issued a 25,000 60-day 9% promissory note on October 1. The note was paid by Majestrado upon maturity.
• Issued a 10,000 180-day 10% promissory note on February 24. The note was settled by Majestrado upon maturity.

How much was the total interest expense for the year?

Group of answer choices

875

2,375

3,250

9,250