On 7/1/2023 Steel Corporation took out a loan for $200,000 to purchase new equipment. The loan has a 10% interest rate and will be repaid in 4 annual payments of $50,000 plus interest starting 7/1/2024. On 12/31/2023 what amount should be recorded as interest payable? $10,000 $7,500 $15,000 $20,000