When the effective interest method of amortization is used for bonds issued at a premium, the amount of interest payable for an interest period is calculated by multiplying the Face value of the bonds at the beginning of the period by the contractual interest rate. Face value of the bonds at the beginning of the period by the effective interest rates Carrying value of the bonds at the beginning of the period by the contractual interest rate Carrying value of the bonds at the beginning of the period by the effective interest rates