Exercise $7-14$A $($Algo$)$ Annual versus semiannual interest for bonds issued at face value LO $7-7$

Milan Company issued bonds with a face value of $$107,000$ on Janvary $1,$ Year $1.$ The bonds had a $6$ percent stated rate of interest and a six$-$year term, The bonds were issued at face value. Interest is payable on an annual basis.

Required:

$6.$ What total amount of Interest wil Milan Company pay in Year $1$ if bond interest is pald annually each December $31?$

b$.$ What total amount of interest will Milan Company pay in Year $1$ if bond interest is pald semiannually each June $30$ and December $3?$ Note: Do not round intermediate colculations.