Problem:
Dunder-Mifflin Inc. (DMI) is selling 600,000 bonds to raise money for the publication of new magazines in the coming year . The bonds will pay a coupon rate of 12% on semiannual payments. The bond's par vale is $100, and the bond will mature in thirty years.
Required:
Question: What is the cost of debt to DMI if the bonds raise.
Note: Please show guided help with steps and answer.