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On July $8,$ Jones Inc. issued an $$65,300,12\%,120-$day note payable to Miller Company. Assume that the fiscal year of Jones ends July $31.$ Using a $360-$day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar.

a$.$ $$7,836$

b$.$ $$1,002$

c$.$ $$501$

d$.$ $$1,503$