Miss Jones purchased a 7% J&J 15 municipal bond on Tuesday, March 18th in a regular way trade. The accrued interest she will pay is $12.64.
This is further explained below.
What is accrued interest?
Generally, It is the interest that has accrued on a loan or other financial commitment but has not yet been paid.
In conclusion, On Tuesday, March 18, Miss Jones bought a J&J 15 municipal bond with a 7% interest rate in normal trade. She will be required to pay $12.64 in interest.
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