On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. How much interest expense should be accrued at December 31, 2014 for the period of November 1 through year-end? A) $1,200 B) $2,400 C) $400 D) $200 How do you calculate that and explain how you got the answer.