On January 1, 2018, Jimbo Enterprises purchased new equipment for its training center. The equipment cost $220,000. Jimbo paid $25,000 down and is required to pay the rest in semiannual installments for the next 8 years. Jimbo's cost of borrowing is 4%.

What is the total amount of interest expense Jimbo will pay over the life of the loan?

Select one:

a. 64,248

b. 34,792

c. 9,792

d. 7,800

e. None of the above