Assume there is no secondary market for the bond in this question. In your own words, describe, qualitatively, in as much detail as necessary to persuade the instructor that you fully understand what a borrower and lender would want to do with the bond in a situation represented in each of four question mark boxes below.

\begin{tabular}{l} Market Interest Rate \\ \hline Increase Decrease \\ \hline \end{tabular} Borrower wants to ? Lender wants to