Bellingham bonds have an annual coupon rate of 8 percent and a par value of $1,000 and will mature in 20 years. If you require a return of 7 percent, what price would you be willing to pay for the bond? What happens if you pay more for the bond? What happens if you pay less for the bond? My question: Will par value always be FV or it depends on the situation? And will PMT always be par value multiple by annual coupon rate or it depends on the situation?