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How much cash did County Bank receive

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Question - County Bank has $600,000 of 5?% debenture bonds outstanding. The bonds were issued at 103 in 2018 and mature in 2038. The bonds have annual interest payments.

1. How much cash did County Bank receive when it issued these? bonds?

2. How much cash in total will County Bank pay the bondholders through the maturity date of the? bonds?

3. Calculate the difference between your answers to requirements 1 and 2. This difference represents County ?Bank's total interest expense over the life of the bonds.

4. Compute County ?Bank's annual interest expense using the? straight-line amortization method. Multiply this amount by 20. Your? 20-year total should be the same as your answer to requirement 3.

Reference no: EM132514759

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