Jorge took out a loan of $50,000 from Bank of America at 8% on March 19, 2019, which is due on July 8, 2020 (Note: 2020 was a leap year). Using exact interest, what is the amount of Jorge's interest cost?
a. $2,561.44
b. $5,018.44
c. $5,216.44
d. $5,261.44
e. $5,227.40