The GRF Company rendered services on 1/1/16 and accepted a $10,000, 6%, 5-year note receivable with interest to be paid annually on December 31 through 12/31/20. The principal will be paid in full on 12/31/20. GRF's imputed interest rate is 12% and the effective amortization method is used.

Total approximate Interest Revenue over the life of this note will be:

Select one:

a.$2,763

b.$2,163

c.$8,163

d.$5,163

e.$5,674