3. Alden trucking company is replacing part of its fleet of trucks by purchasing them under a note agreement with kenworthy on january 1, 2019. The note agreement will require $1 million in annual payments starting on december 31, 2019 and continuing for a total of four more years (final payment december 31, 2023). Kenworthy is charging alden trucking company the market interest rate of 10%. The present value is therefore calculated as $3,169,900. What is the interest expense for the year 2019? a) $316,990. B) $329,080. C) $400,000. D) $279,080
