The City of Water's Edge creates a Debt Service Fund to service the River Front Development bonds. On March 1, 20x1 the city issued $15,000,000 of 6%, 10-year serial bonds which pay interest every April 1 and October 1. One-tenth of the principal is paid every April 1 starting in 20x2. How do I calculate the interest earned as of April 1, 20x2 from the Bond principal of $15,000,000?