A highly rated corporate bond with 5 years left until maturity was recently quoted as selling for

Question:

A highly rated corporate bond with 5 years left until maturity was recently quoted as selling for 103.50. The bond’s par value is $1,000, and its initial interest rate is 6.5 percent. If this bond pays interest every 6 months and it has been 4 months since interest was last paid, how much will you be required to pay for the bond?

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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