5. Cola, Inc., issued a 12-year, 10%, $2,500,000 bond on January 1, 2018 dated as of January 1, 2018. The bond pays interest every June 30 and December 31, with the principal to be paid at the end of 12 years. The effective interest rate on the bond is 8%.

What is the total interest expense recognized over the life of the bonds? (is this a premium bond using an amortization table?)