Why Not! Industries has some bonds outstanding, currently with 20 years remaining to

maturity. The coupon rate is 6%, and the interest is paid monthly. The face value of the

bonds is $1,000. How much interest must the firm pay on each outstanding bond each

month?

a)

$20.00

b) $5.00

c) $30.00

d) $15.00

e) $60.00

please show work.