You are asked to estimate Blue Monster Corporation's after-tax cost of debt financing. It can issue 22 years to maturity bonds with a coupon rate of 11.97% paid annually, and par value of $1000. The bonds can be sold now at a price of $1184 each. Marginal tax rate is 35%. The investments banker will charge $5 per bond in flotation costs. Determine the appropriate after-tax cost of debt for Blue Monster Corporation.