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On July 1,2022, $7.5 million face amount of 7%,10-year bonds were issued. The bonds pay...

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Accounting

On July 1,2022, $7.5 million face amount of 7%,10-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 7% when the bonds were sold.
Required:
How much interest will be paid annually on these bonds?
Note: Enter your answer in whole dollar, not in millions.
Were the bonds issued at a premium or discount?
Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year?

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