On January 1, Evangel Company issued 9% bonds in the face amount of $100,000, which Fact Pattern:sulting in a bond discount of $3,793. mature in 5 years. The bonds were issued for $96,207 to yield 10%, reEvangel uses the effective interest method of amortizing bond discount. Interest is payable annually on December 31.
What is the amount of interest Evangel will pay at the end of the first year?