Tricorder Company has accepted an eighteen-month, $15,000, 8% note from Declination Corporation on June 1, 2008. The amount of interest to be accrued on December 31, 2008, is:

A. $1,800

B. $1,200

C. $600

D. $700

Note: I initally thought the answer to this question was D, $700 but this is apparently incorrect. If someone could help me answer this correctly and walkthrough how the calculation is done, I would greatly appreciate it.