On January 1, a company issued 7%, 15-year bonds with a face amount of $90 million...
On January 1, a company issued 7%, 15-year bonds with a face amount of $90 million for $82,218,585 to yield 8%. Interest is paid semiannually. What was interest expense at the effective interest rate on June 30, the first interest date? (Enter your answers in whole dollars. Round final answers to nearest whole dollar.)
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Homework Answers
| Amount | * | Effective rate | interest expense | |
| 82,218,585 | * | 8% /2 = 4% | 3,288,743 |
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