Calculate the Accrued Interest Per Bond and the Total Proceeds $\quad$

question 133

Short Answer

Calculate the accrued interest per bond and the total proceeds of the following bond sale, rounding each number to the nearest cent. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Time}$
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {since}$
$\begin{array} { l l l l l l l l } & \text { Coupon } & \text { Market } & \text { Last } & \text { Accrued } & \text { Commission Per } & \text { Bonds } & \text { Total } \\ \text { Company } & \text { Rate } & \text { Price } & \text { Interest } & \text { Interest } & \text { Bond } & \text { Purchased } & \text { Proceeds } \\ \text { Kitty Katz } & 8.25 & 104.125 & 1 \text { month } & & \$ 10.00 & 20 & \end{array}$

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Definitions:

Personal Property Security Act

Legislation that outlines the rules for creating and enforcing security interests in personal property, offering a way for creditors to secure repayment of debt.

Attachment

A legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor.

Perfection

Protection of a secured creditor’s claim, either by registering the secured obligation or by taking possession of the collateral.

Security

Collateral or asset pledged to guarantee the repayment of a loan or fulfillment of a contractual obligation.