The answer is $55,322.58. No excel, please show a step-by-step solution!

MFB Industries borrowed $5,000,000 and agrees to make quarterly in- terest payments at the spot rate implied by the three-month zero-coupon bond price plus 30 bps. If the prices of the $100 zero-coupon bonds dur- ing the term of the loan were as in the table below, what is the amount of MFB Industry's interest payment at the end of the first year? 2 Time (in years) Price (in dollars) 0 99.32 0.25 99.58 0.5 99.45 0.75 99.20 1 99.79 1.25 99.84 MFB Industries borrowed $5,000,000 and agrees to make quarterly in- terest payments at the spot rate implied by the three-month zero-coupon bond price plus 30 bps. If the prices of the $100 zero-coupon bonds dur- ing the term of the loan were as in the table below, what is the amount of MFB Industry's interest payment at the end of the first year? 2 Time (in years) Price (in dollars) 0 99.32 0.25 99.58 0.5 99.45 0.75 99.20 1 99.79 1.25 99.84