Homework Answers
| 1 | ||
| Cash proceeds | 454050 | =360000*126.125% |
| 2 | ||
| Total interest expense over life of bonds | ||
| 20 payments of $ 12600 | 252000 | |
| Par value at maturity | 360000 | |
| Total repayments | 612000 | |
| Less: Amount borrowed | 454050 | |
| Total bond interest expense | 157950 | |
| 3 | ||
| Cash payment for interest | 12600.00 | =360000*7%/2 |
| Less: premium amortization | 4702.50 | =(454050-360000)/20 |
| Bond interest expense | 7897.50 | or 7897 / 7898 |
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