Moe Co. issued $10,000,000 of 5-year bonds on January 1, 2015. The stated interest rate on these bonds is 6%. However, on the date the bonds were sold, the market interest rate for similar bonds was 4.5%.

How much interest will Moe Co. pay each year for the life of the bonds?

Face amount of bonds	$10,000,000
Term (years)	5
Stated interest rate	6.0%
Market interest rate	4.5%
Issue date	1/1/2015
Maturity date	12/31/2019