If you asked your broker to purchase for you a 7% bond when the market interest rate

Question:

If you asked your to purchase for you a 7% bond when the market interest rate for such bonds was 8%, would you expect to pay more or less than the face amount for the bond? Explain.

Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...