BOND PRICE

VALUE OF A BOND
This Model Calculates The Value / Price of a Bond
Assumes Semiannual Interest Payments
25 Year Maximum (Maturity); Years Entered As .5, 1.0, 1.5, 2.0, etc.

PERIOD

INPUTS

DISCOUNTED
DISCOUNTED
SUM OF
INTEREST
INTEREST
PRINCIPAL
PRINCIPAL
DISCOUNTED
CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS

FACE/PAR AMOUNT OF BOND

(e.g., $1000)
COUPON INTEREST RATE PER
YEAR (e.g., .08, .09, .10)
YEARS TO MATURITY (e.g., 2.0,
1.5, 6.0, 25.0)

REQUIRED RATE OF RETURN /

DISCOUNT RATE (e.g., .10, .08)

DATA TABLE ROR CHANGES

16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%

($1,000.00)

($1,000.00)

($1,000.00)

$1,000.00

$50.00

$47.62

$0.00

$0.00

$47.62

$50.00

10.00%

$50.00

$45.35

$0.00

$0.00

$45.35

$50.00

$0.00

$43.19

$50.00
$50.00

10.0

10.00%

$50.00

$43.19

$0.00

Rate /
Period

$50.00

$41.14

$0.00

$0.00

$41.14

5.00%

$50.00

$39.18

$0.00

$0.00

$39.18

$50.00

$50.00

$37.31

$0.00

$0.00

$37.31

$50.00

$50.00

$35.53

$0.00

$0.00

$35.53

$50.00

$50.00

$33.84

$0.00

$0.00

$50.00

$50.00

$32.23

$0.00

$0.00

$33.84
$32.23

10

$50.00

$30.70

$0.00

$0.00

$30.70

$50.00

11

$50.00

$29.23

$0.00

$0.00

$29.23

$50.00

12

$50.00

$27.84

$0.00

$0.00

$27.84

$50.00

13

$50.00

$26.52

$0.00

$0.00

$26.52

$50.00

14

$50.00

$25.25

$0.00

$0.00

$25.25

$50.00

15

$50.00

$24.05

$0.00

$0.00

$24.05

$50.00

16

$50.00

$22.91

$0.00

$0.00

$22.91

$50.00

17

$50.00

$21.81

$0.00

$0.00

$21.81

$50.00

18

$50.00

$20.78

$0.00

$0.00

$20.78

$50.00

19

$50.00

$19.79

$0.00

$0.00

$19.79

$50.00

20

$50.00

$18.84

$1,000.00

$376.89

$395.73

$1,050.00

21

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

22

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

23

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

24

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

26

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

27

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

28

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

29

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

30

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

31

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

32

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

33

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

34

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

35

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

36

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

37

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00

OUTPUT
PRICE / VALUE OF BOND

($1,000.00)

CASH FLOWS FOR

CALCULATION OF
IRR

$1,000.00

$1,000.00
$ 705.46
$ 745.14
$ 788.12
$ 834.72
$ 885.30
$ 940.25
$ 1,000.00
$ 1,065.04
$ 1,135.90
$ 1,213.19
$ 1,297.55
$ 1,389.73
$ 1,490.54
$ 1,600.90
$ 1,721.82
$ 1,854.43

$50.00

38

$0.00

$0.00

$0.00

$0.00

$0.00

39

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

40

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

41

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

42

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

43

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00

44

$0.00

$0.00

$0.00

$0.00

$0.00

45

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

46

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

47

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

48

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

49

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

50

$0.00

$0.00

$0.00

$0.00
$0.00

NPV =

IRR =

$1,000.00

10.00%

BOND PRICE AS DISCOUNT RATE CHANGES

$2,000.00

$1,750.00

$1,500.00

BOND PRICE

$1,250.00

$1,000.00

$750.00

$500.00

$250.00

$-

0%

2%

4%

6%

8%

10%
DISCOUNT RATE

12%

14%

16%

18%

BOND YIELD TO MATURITY

YIELD TO MATURITY
This Model Calculates The Yield To Maturity For A Bond
Semiannual Interest Payments
25 Year Maximum (Maturity)
DISCOUNTED
DISCOUNTED
SUM OF
INTEREST
INTEREST
PRINCIPAL
PRINCIPAL DISCOUNTED
PERIOD CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS

INPUTS
PAR / FACE VALUE OF BOND
(e.g., $1,000)
COUPON INTEREST RATE PER
YEAR (e.g., .08, .10, .125)
YEARS TO MATURITY (e.g., 2.0,
1.5, 10.0, 21.5)

CURRENT PRICE OF BOND (e.g.,

$1052.50)

EFFECTIVE ANNUAL RATE

($1,220.00)

($1,220.00)

($1,220.00)

$1,000.00

$63.13

$59.38

$0.00

$0.00

$59.38

$63.13

12.63%

$63.13

$55.85

$0.00

$0.00

$55.85

$63.13

25.0

$1,220.00

OUTPUT
YIELD TO MATURITY
CURRENT YIELD
CAPITAL GAINS YIELD

($1,220.00)

CASH FLOWS
FOR
CALCULATION
OF IRR

10.18%
10.35%
-0.17%
10.43%

$63.13

$52.53

$0.00

$0.00

$52.53

$63.13

Rate /
Period

$63.13

$49.42

$0.00

$0.00

$49.42

$63.13

6.31%

$63.13

$46.48

$0.00

$0.00

$46.48

$63.13

$63.13

$43.72

$0.00

$0.00

$43.72

$63.13

$63.13

$41.13

$0.00

$0.00

$41.13

$63.13

$63.13

$38.68

$0.00

$0.00

$63.13

$63.13

$36.39

$0.00

$0.00

$38.68
$36.39

$63.13

$63.13

10

$63.13

$34.23

$0.00

$0.00

$34.23

11

$63.13

$32.19

$0.00

$0.00

$32.19

$63.13

12

$63.13

$30.28

$0.00

$0.00

$30.28

$63.13

13

$63.13

$28.48

$0.00

$0.00

$28.48

$63.13

14

$63.13

$26.79

$0.00

$0.00

$26.79

$63.13

15

$63.13

$25.20

$0.00

$0.00

$25.20

$63.13

16

$63.13

$23.71

$0.00

$0.00

$23.71

$63.13

17

$63.13

$22.30

$0.00

$0.00

$22.30

$63.13

18

$63.13

$20.97

$0.00

$0.00

$20.97

$63.13

19

$63.13

$19.73

$0.00

$0.00

$19.73

$63.13

20

$63.13

$18.56

$0.00

$0.00

$18.56

$63.13

21

$63.13

$17.46

$0.00

$0.00

$17.46

$63.13

22

$63.13

$16.42

$0.00

$0.00

$16.42

$63.13

23

$63.13

$15.44

$0.00

$0.00

$15.44

$63.13

24

$63.13

$14.53

$0.00

$0.00

$14.53

$63.13

25

$63.13

$13.66

$0.00

$0.00

$13.66

$63.13

26

$63.13

$12.85

$0.00

$0.00

$12.85

$63.13

27

$63.13

$12.09

$0.00

$0.00

$12.09

$63.13

28

$63.13

$11.37

$0.00

$0.00

$11.37

$63.13

29

$63.13

$10.70

$0.00

$0.00

$10.70

$63.13

30

$63.13

$10.06

$0.00

$0.00

$10.06

$63.13

31

$63.13

$9.46

$0.00

$0.00

$9.46

$63.13

32

$63.13

$8.90

$0.00

$0.00

$8.90

$63.13

33

$63.13

$8.37

$0.00

$0.00

$8.37

$63.13

34

$63.13

$7.88

$0.00

$0.00

$7.88

$63.13

35

$63.13

$7.41

$0.00

$0.00

$7.41

$63.13

36

$63.13

$6.97

$0.00

$0.00

$6.97

$63.13

37

$63.13

$6.56

$0.00

$0.00

$6.56

$63.13

38

$63.13

$6.17

$0.00

$0.00

$6.17

$63.13

39

$63.13

$5.80

$0.00

$0.00

$5.80

$63.13

40

$63.13

$5.46

$0.00

$0.00

$5.46

$63.13

41

$63.13

$5.13

$0.00

$0.00

$5.13

$63.13

42

$63.13

$4.83

$0.00

$0.00

$4.83

$63.13

43

$63.13

$4.54

$0.00

$0.00

$4.54

$63.13

44

$63.13

$4.27

$0.00

$0.00

$4.27

$63.13

45

$63.13

$4.02

$0.00

$0.00

$4.02

$63.13

46

$63.13

$3.78

$0.00

$0.00

$3.78

$63.13

47

$63.13

$3.55

$0.00

$0.00

$3.55

$63.13

48

$63.13

$3.34

$0.00

$0.00

$3.34

$63.13

49

$63.13

$3.14

$0.00

$0.00

$3.14

$63.13

50

$63.13

$2.96

$1,000.00

$46.86

$49.82

$1,063.13

NPV =

IRR =

$1,000.00

10.18%

YIELD TO CALL

YIELD TO CALL
This Model Calculates Yield To First Call Date For A Callable Bond
Semiannual Interest Payments
25 Year Maximum (Maturity)

PERIOD

INPUTS
PAR / FACE VALUE OF
BOND (e.g., $1000)
COUPON INTEREST
RATE PER YEAR (e.g.,
.06, .105)
YEARS TO MATURITY
(e.g., 2.0, 1.5)

CURRENT PRICE OF
BOND (e.g., $1050.25)
CALL PRICE OF BOND
(e.g., $1050)
YEARS TO FIRST CALL
(e.g., 2.0, 2.5)

EFFECTIVE ANNUAL
RATE

($865.49)

($865.49)

($865.49)

($865.49)

($865.49)

($865.49)

($865.49)

($865.49)

$1,000.00

$41.25

$39.62

$0.00

$0.00

$39.62

$41.25

$41.25

$39.62

$0.00

$0.00

$39.62

$41.25

8.25%

$41.25

$38.05

$0.00

$0.00

$38.05

$41.25

$41.25

$38.05

$0.00

$0.00

$38.05

$41.25

$41.25

$36.54

$0.00

$0.00

$36.54

$41.25

$41.25

$36.54

$0.00

$0.00

$36.54

$41.25

Rate /
Period

$41.25

$35.09

$0.00

$0.00

$35.09

$41.25

$41.25

$35.09

$0.00

$0.00

$35.09

$41.25

4.13%

$41.25

$33.70

$0.00

$0.00

$33.70

$41.25

$41.25

$33.70

$0.00

$0.00

$33.70

$41.25

$1,050.00

$41.25

$32.37

$0.00

$0.00

$32.37

$41.25

$41.25

$32.37

$0.00

$0.00

$32.37

$41.25

5.0

7
8
9

$41.25

$31.08

$0.00

$0.00

$31.08

$41.25

$41.25

$31.08

$0.00

$0.00

$31.08

$41.25

$41.25

$29.85

$0.00

$0.00

$41.25

$29.85

$0.00

$0.00

$0.00

$0.00

$41.25

$41.25

$28.67

$0.00

$0.00

$29.85
$28.67

$41.25

$28.67

$29.85
$28.67

$41.25

$41.25

10
11
12
13
14
15
16
17

$41.25

$27.53

$0.00

$0.00

$27.53

$41.25

$41.25

$27.53

$1,050.00

$700.87

$728.41

$1,091.25

$41.25

$26.44

$0.00

$0.00

$26.44

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$25.40

$0.00

$0.00

$25.40

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$24.39

$0.00

$0.00

$24.39

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$23.42

$0.00

$0.00

$23.42

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$22.50

$0.00

$22.50

$0.00
$0.00

18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

15.0

$ 865.49

OUTPUT
YIELD TO CALL
**CURRENT YIELD
**CAPITAL GAINS YIELD
YIELD TO MATURITY
**CURRENT YIELD
**CAPITAL GAINS YIELD

CASH FLOWS
CASH FLOWS
DISCOUNTED
DISCOUNTED
SUM OF
FOR
DISCOUNTED
DISCOUNTED
SUM OF
FOR
INTEREST
INTEREST
PRINCIPAL
PRINCIPAL DISCOUNTED CALCULATIO
INTEREST
INTEREST
PRINCIPAL
PRINCIPAL DISCOUNTED CALCULATION
CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS
N OF IRR
CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS
OF IRR

12.71%
9.53%
3.18%
10.00%
9.53%
0.47%

13.10%

$41.25

$22.50

$0.00

$41.25

$0.00

$22.50

$0.00

$41.25

$41.25

$21.60

$0.00

$0.00

$21.60

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$20.75

$0.00

$0.00

$20.75

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$19.93

$0.00

$0.00

$19.93

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$19.14

$0.00

$0.00

$19.14

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$18.38

$0.00

$0.00

$18.38

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00

$41.25

$17.65

$0.00

$0.00

$17.65

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$16.95

$0.00

$0.00

$16.95

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$16.28

$0.00

$0.00

$16.28

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$15.64

$0.00

$0.00

$15.64

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00

$41.25

$15.02

$0.00

$0.00

$15.02

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$14.42

$0.00

$0.00

$14.42

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$13.85

$0.00

$0.00

$13.85

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$13.30

$0.00

$0.00

$13.30

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00

$41.25

$12.77

$0.00

$0.00

$12.77

$41.25

$0.00

$0.00

$0.00

$0.00

$0.00

$41.25

$12.27

$1,000.00

$297.41

$309.67

$1,041.25

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

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$0.00

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$0.00

$0.00

$0.00

$0.00

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$0.00

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$0.00

$0.00

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$0.00

$0.00

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$0.00

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$0.00

$0.00

$0.00

$0.00

$0.00

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$0.00

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$0.00

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$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

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$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

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$0.00

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$0.00

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$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00
$0.00
$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

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$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

NPV =

IRR =

NPV =

IRR =

$1,000.00

10.00%

$1,055.87

12.71%