Face Value of Bonds: $50,000,000
Issued Value: $43,768,920
Discount on Bonds: 50,000,000 - 43,768,920 = $6,231,080
Amortization of Discount: 6,231,080 / 10 * 6/12 = $311,554
Semi Annual Interest Payment: $50,000,000 x 8% x 6/12 = $2,000,000
Total Interest = $2,000,000 + $311,554 = $2,311,554
