On September 1, 2016, Brak Co. borrowed on a $1,350,000 note payable from the Federal Bank. The note bears interest at 12% and is payable in three equal annual principal payments of $450,000. On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, 2017. At December 31, 2017, what amount should Brak report as accrued interest payable? $33,000 $36,000 $54,000 $49,500