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Sammys Incorporated issued 10 year bonds on January 1, 2015. The bonds had a face value of $1000, and paid a coupon of 3.5 percent.

Sammys Incorporated issued 10 year bonds on January 1, 2015. The bonds had a face value of $1000, and paid a coupon of 3.5 percent. On the date the bonds were issued, the market rate was 6 percent. How much money did Sammy receive from selling the bonds (in other words, what was the price of the bonds) ? What was Sammys interest expense for each of the first 3 years, 2015-2017.

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