On June 30, 2009, Grand Office Supplies issued $30,000 face value of 6% bonds at 110. They were five-year bonds with interest paid semiannually, on December 31 and June 30 1. What are the interest payments for the first two years? 2. Was the market interest rate higher or lower than 6% at the date of issue? 3. Will the interest expense be higher or lower than the interest payment? 1. What are the interest payments for the first two years? Select the formula and calculate the semi-annual interest payment that will be made on December 31 2010, and December 31, 2011, for the first two years. 2. Was the market interest rate higher or lower than 6% at the date of issue? The market interest rate was than 6% at the date of issue. 3. Will the interest expense be higher or lower than the interest payment? The interest expense will be than the interest payment