Determine amount of each coupon payment, Finance Basics

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Determine amount of each coupon payment

Problem:

A bond has a par value of $1,000, a current yield of 7.125 percent, annual interest payments, and 5 years to maturity. The bond quote is 101.584.

Required:

Question: What is the amount of each coupon payment?

Note: Please show how you came up with the solution.

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Finance Basics: Determine amount of each coupon payment

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Finance Basics: Determine amount of each coupon payment

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