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Homework Answers
Face Value of Bonds = $425,000
Issue Value of Bonds = $395,000
Discount on Bonds = Face Value of Bonds - Issue Value of
Bonds
Discount on Bonds = $425,000 - $395,000
Discount on Bonds = $30,000
Time to Maturity = 15 years
Semiannual Period = 30
Semiannual Amortization of Discount = Discount on Bonds /
Semiannual Period
Semiannual Amortization of Discount = $30,000 / 30
Semiannual Amortization of Discount = $1,000
Annual Coupon Rate = 11.00%
Semiannual Coupon Rate = 5.50%
Semiannual Coupon = 5.50% * $425,000
Semiannual Coupon = $23,375
Semiannual Interest Expense = Semiannual Coupon + Semiannual
Amortization of Discount
Semiannual Interest Expense = $23,375 + $1,000
Semiannual Interest Expense = $24,375
Answer to Requirement 1:
Answer to Requirement 2:
Semiannual Interest Payment = $23,375
Answer to Requirement 3:
Answer to Requirement 4:
Annual Interest Expense for 2020 = $24,375 + $24,375
Annual Interest Expense for 2020 = $48,750
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