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Answer (D) is correct . Zero-coupon bonds do not pay periodic interest. The bonds are sold at a discount from their face value, and the investors do not receive interest until the bonds mature. The issuer does not have to make annual cash outlays for interest. However, the discount must be amortized annually and reported as interest expense.

Answer (A) is incorrect because The issuance costs are no lower than for any other bond issue.
Answer (B) is incorrect because Interest income and expense must be calculated annually based on the amount of the initial discount that is amortized.
Answer (C) is incorrect because The annual amortization must be shown as interest expense. APR means “annual percentage rate.”