On January 1, 2020, T-Ball Co. purchased equipment for a $600,000 zero-interest-bearing note due on January 1, 2023 (3 years). The prevailing rate of interest for a note of this type at January 1, 2020 was 10%. What amount of interest expense should be included in T-Ball's 2021 income statement?

Group of answer choices

$0

$45,079

$49,500

$60,000