Five $1,000 bonds that pay interest at 9% semiannually on April 1 and October 1 were purchased July 10 at 92. Calculate the total amount paid for the bonds. (Assume a 360-day year and a commission of $5 per bond.)

Semiannually

Happening semiannually; every six months.

360-Day Year

An accounting concept that simplifies interest calculations by using thirty-day months across a full year.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, typically a percentage of the sale.