Scotia Bank granted a loa n to a borrower on January 1, 2014, The interest rate on the loan is 10% payable annually starting December 31, 2014. The loan matures in five years on December 31, 2018. Principal amount Direct origination cost Origination fee received from borrower The effective rate on the loan after considering the direct origination cost and origination fee received is 12%. 4,000,000 61,500 350,000 What is the interest income for 2014? a. 400,000 b. 558,000 c. 529,380 d. 445,380