## Answers

Table values are based on: | |||

Face Amount | $120,000 | ||

Interest Payment | $120,000*12%*6/12 =$7,200 | ||

Market Interest rate per period | 6.50% | ||

Cash Flow | Table Value(PV of 6.5% for 24 period) | Amount | Present Value |

PV of Interest | 11.99074 | $7,200 | $86,333 |

PV of Principal | 0.2206 | $1,20,000 | $26,472 |

PV of Bonds Payable(Issue Price) | $1,12,805 | ||

So Option B is the answer | |||

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