On March 2, 2013, 20 years, 6%, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 6% per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2014. Fiscal year-end occurs on December 31.
What is the interest expense for the fiscal year ending December 31, 2013?
A) $90,000
B) $150,000
C) $180,000
D) $270,000
E) $300,000
