Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $648,412, and their market rate is 6% at the issue date. 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense