Sielert Corporation Borrowed $1,500,000 from National Bank on May 31

Sielert Corporation borrowed $1,500,000 from National Bank on May 31, 2016. The three-year, 7% note required annual payments of $571,575 beginning May 31, 2017. Interest expense for the year ended December 31, 2016 was

A) $61,250.
B) $70,000.
C) $105,000.
D) $0.