Please use a written formula instead of screenshot of your excel please!

14. A P 1000000.00 issue of 3%,15-year bonds is sold at 95% The miscellaneous initial expense of the financing were P20 00000 and yearly expenses of P2000 00 is incurred What is the true cost the company is paying for the money it borrowed? (Ans. 3.8\%) 14. A P 1000000.00 issue of 3%,15-year bonds is sold at 95% The miscellaneous initial expense of the financing were P20 00000 and yearly expenses of P2000 00 is incurred What is the true cost the company is paying for the money it borrowed? (Ans. 3.8\%)