Ellis issues 7.5%, five-year bonds dated January 1, 2017, with a $440,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $468,150. The annual market rate is 6% on the issue date. Required:

1. Complete the below table to calculate the total bond interest expense over the bonds' life.

Total bond interest expense over life of bonds:
Amount repaid:
	payments of	$	$3,300,000
Par value at maturity
Total repaid			3,465,000
Less amount borrowed
Total bond interest expense			$3,436,850