Hello!

I need help with the final question of this problem. On June 30, 2020, Sunland Limited issued $6 million of 20-year, 14% bonds for $6,424,363, which provides a yield of 13%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annual interest on June 30 and December 31.

Final Question:What is the total cost of borrowing over the life of the bond? I cannot seem to remember how to calculate this?

Thank you

Shelley