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Discount-Mart issues 11 million in bonds on January 1 2010 They have a seven-year term and pay interest semiannually?
Wiki User
∙ 13y ago
Discount-Mart issues $11 million in bonds on January 1, 2010. They have a seven-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.
Date Cash Paid Interest
Expense Decrease in
Carrying Value Carrying
Value
1/1/10 9,977,552
6/30/10 550,000 598,653 48,653 10,026,205
12/31/10 550,000 601,572 51,572 10,077,777
6/30/11 550,000 604,667 54,667 10,132,444
12/31/11 550,000
What is the stated annual rate of interest on the bonds?
a) 11%.
b) 10%.
c) 5%.
d) 12%.
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∙ 13y ago
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