A $1,000 bond, with interest at 9% on January 1 and July 1, was purchased on September 12 at 86 plus accrued interest. Compute the entire purchase cost of the bond. (Assume a 360-day year and a commission of $5 per bond.)

Question

Quizplus · Accepted Answer

The Answer of A $1,000 bond, with interest at 9% on January 1 and July 1, was purchased on September 12 at 86 plus accrued interest. Compute the entire purchase cost of the bond. (Assume a 360-day year and a commission of $5 per bond.)

A $1,000 Bond, with Interest at 9% on January 1