McNeil Corporation issued $100,000 of 6.0% 10-year bonds. The bonds are dated and sold on January 1,
McNeil Corporation issued $100,000 of 6.0% 10-year bonds. The bonds are dated and sold on January 1, 2015. Interest payment dates are January 1 and July 1. The bonds are issued for $92,894 to yield the market interest rate of 7%. McNeil Corporation uses the effective-interest method. What is the total cash payment for interest for each 12-month period? (All amounts are rounded to the nearest dollar.) O A. $5,574 OB. $6,503 O C. $6,000 OD. $7,000
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