Jupiter Company Signed a One-Year $47,000 Note Payable at 8

Multiple Choice

Jupiter Company signed a one-year $47,000 note payable at 8% interest on May 1,2016.If Jupiter Company only adjusts its accounts once a year at year-end,how much interest expense was accrued on December 31,2016? (Round any intermediate calculations to two decimal places,and your final answer to the nearest whole number. )

A) $940
B) $3,760
C) $2,820
D) $3,133