On January 1, 2021, the Meade Group issued bonds dated January 1. Interest on the bonds is payable semiannually on June 30 and December 31.
Facts:			1. How much cash does the Meade Group receive when the bonds are issued?
Face amount	$5,000,000		2. How much is the discount on bonds payable when the bonds are issued?
Contract rate	10%		3. What is the total amount of interest Meade will pay over the life of the bond?
Term (years)	7		4. What is the total amount of interest bondholders could earn at market rate over the life of the bond?
Market rate	12%		5. What is the difference between Meade's total payments and the market's total payments?
			6. What is the present value of the difference between Meade's total payments and the market's total payments?
			7. Explain why #2 and #6 are equal (other than minor differences due to rounding)?
			Chegg will not allow me to give the PV tables in the question but we use the PV of $1 and the PVA of $1 tables only.
			There is no other given information for this question. Please inform me what is missing if there is missing information.