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Jasper Corporation issued $100,000 worth of 9%, 5-year bonds for $96,150 when the market rate of interest was 10%. Required: What is the total interest

Jasper Corporation issued $100,000 worth of 9%, 5-year bonds for $96,150 when the market rate of interest was 10%.

Required: What is the total interest expense for these bonds over the 5-year life? Be sure to show all work to back up your answer.

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