Can you please help with the complete description on how to get to the answer to the below step by step?
Calculating Cost of Debt. One Step, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 17 years to maturity that is quoted at 95 percent of face value. The issue makes semiannual payments and has a coupon rate of 6 percent. What is the company's pretax cost of debt? If the tax rate is 21 percent, what is the aftertax cost of debt?