On July $1,2022,$ $$7\mathrm{.}5$ million face amount of $7\%,10-$year bonds were issued. The bonds pay interest on an annual basis on June $30$ each year. The market interest rates were slightly higher than $7\%$ when the bonds were sold.

Required:

How much interest will be paid annually on these bonds?

Note: Enter your answer in whole dollar, not in millions.

Were the bonds issued at a premium or discount?

Will the annual interest expense on these bonds be more than, equal to$,$ or less than the amount of interest paid each year?