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Ch12: A company issues 10,000,000 face value of 10 -year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 6%. The bonds pay 7% interest annually on 31 December. Based on the effective interest rate method, the interest expense on 31 December 2015 is closest to: 644,161.700,000.751,521. Ch12: A company issues 10,000,000 face value of 10 -year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 6%. The bonds pay 7% interest annually on 31 December. Based on the effective interest rate method, the interest expense on 31 December 2015 is closest to: 644,161.700,000.751,521.