On January 1, 2020, Excellence Plastic Corporation purchases a 10-year $50,000 bond for $49,000. The bonds pay 6% interest semi-annually on January 1 and July 1. The effective rate of interest is 6.272%. On July 1, 2020, how much interest will Excellence collect? Select answer from the options below $1,537 $1,470 $1,568 $1,500