Determine the total cost of borrowing over the life of the bond. $($Round answer to $0$ decimal places, e$.$g$.38,548.$

Total cost of borrowing over the life of the bond $

On June $30,2025,$ Michael Jones Company issued $$3,493,000\mathrm{.}00$ face value of $14\%,20-$year bonds at $$4,018,560\mathrm{.}00,$ a yield of $12\%.$

Jones uses the effective$-$interest method to amortize bond premium or discount. The bonds pay semiannual interest on June $30$ and $-$

December $31.$

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