1. On 1/1/19, $20 million face amount bonds were issued at 5% for 10 years.

Interest is paid out on 6/30 and 12/31 each year. Market rate was 6%.

1. How much interest will be paid just on 6/30 each year?

2. How much interest will be paid out annually (both payments combined)?

3. Were the bonds issued at a discount or a premium?