On July 1, 2016, $4.5 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 bends were sold. How much interest will be paid annually on these bonds? Were the bends Issued at a premium or discount? Discount Premium Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year? Less than More than Equal to