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On January 1, 2021, Waterway Limited issues a $49018, 5% 3-year note payable. The note calls for three annual payments of $18000, blended principal and

On January 1, 2021, Waterway Limited issues a $49018, 5% 3-year note payable. The note calls for three annual payments of $18000, blended principal and interest. The first payment is to be made on December 31, 2021. The total amount of interest that will be paid over the term of the loan is

a. $18000.

b. $4124.

c. $4981.

d. $1673.

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