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On January 1, 2023, Discount Tire issued $600,000, 6%, 10-year bonds for $698,125. The bonds pay interest semi-annually on June 30 and December 31. The

On January 1, 2023, Discount Tire issued $600,000, 6%, 10-year bonds for $698,125. The bonds pay interest semi-annually on June 30 and December 31. The market rate of interest is 4%. What is the amount of cash interest paid for the year ended December 31, 2023?

Select one:

a. $27,514

b. $36,000

c. $24,000

d. $41,888

e. $27,925

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