Question: A company issued five year seven percent bonds with a par value of USD 100,000. The company received 97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is;
[A] $7,000.00
[B] $7410.60
[C] $3,294.70
[D] $3,500
[E] $3,705.30