At the beginning of 2014, ABC Corp. issued (sold) $80 million in 10-year callable bonds at par value $1,000 paying a 9.0% annual coupon rate that is paid semiannually. The bonds are callable after 5 years for a call premium equal to one annual coupon payment. During 2014, interest rate dropped significantly and ABC's bonds are now trading for $1,215.50.

Calculate the semiannual PMT from investing in this bond, YTM & YTC at the beginning of 2015. Should investors expect to receive YTM or YTC and explain.