Q4: Microsoft reported bond-related interest expense of $597M on its FY2014 income statement. Were Premium cash payments in FY2014 more or less than $597M? How do you know?

Microsoft Bonds [FY2014] NOTE 12 - DEBT Due Date Notes September 25, 2015 February 8, 2016 November 15, 2017 May 1, 2018 December 6, 2018 June 1,2019 October 1, 2020 February 8, 2021 December 6, 2021 (i) November 15, 2022 May 1, 2023 December 15, 2023 December 6, 2028 May 2, 2033 (6) June 1, 2039 October 1, 2040 February 8, 2041 November 15, 2042 May 1, 2043 December 15, 2043 Total As of June 30, 2014, the total carrying value and estimated fair value of our long-term debt were and billion, respectively. These estimated fair values are based on Level 2 inputs