On January 1, Year 1, Brown Co. issued bonds with a face value of $108,000, a stated rate of interest of 11%, and a 20-year term to maturity. The bonds were issued at face value. If Brown's tax rate is 40%, what is the after-tax cost of borrowing related to these bonds for Year 1?
A. $7128
B. $11,880
C. $16,632
D. $4752
Answer: A
Business
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