On January 1, 2020, a borrower signed a long-term note, face amount, $250,000; time to maturity, three years; stated interest rate, 8% paid annually on December 31; and cash proceeds from the loan, $243,672.

Using the effective interest method, what is the amount of interest expense recognized for the year ended December 31, 2021?

A) $22,104

B) $20,000

C) $19,494

D) $21,930