On March 1, 2018, Woods Industries lent $37,000 to Jaimie Wolf on a 1-year 3% promissory note. The amount of interest to be accrued on December 31 will be: (Do not round any intermediary calculations. Round your final answer to the nearest cent.)
◦ $740.00.
◦ $925.00.
◦ $37,000.00.
◦ $1,110.00.