a. The Murphy Company bond currently sells for $955, has a 12% coupon rate, and a $1,000 par value, pays interest annually, and has 15 years to maturity. Calculate its yield to maturity (YTM).
b. Schoon Electric Corporation bond pays interest semi-annually, has a 14% coupon rate, and a $1,000 par value, has a 10% required annual return, and has 15 years to maturity. Calculate its current price.
c. Paul Jordan takes out a $20,000 loan to buy a car and will make monthly payments for 36 months to pay off the loan. The interest rate is 6% annually with monthly compounding. What is his monthly payment?