Acompany issued 5-year, 7% bonds with a par value of $100,000. the market rate when the bonds were issued was 6.5%. the company received $102,105 cash for the bonds. using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is: multiple choice $1,750.00. $3,318.41. $3,500.00. $6,573.90. $7,000.00.