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There are a number of determining factors for the price of a bond. The price of the bond will determine the yield received from the purchase of that bond. The yield represents the interest you will receive on the bond based on the price that you pay for that bond.
The price of a bond can be either Par, Discounted or at a Premium. A bond priced at the Par Value is simply the same as the face value of the bond. If the bond is priced at a Premium, then the current price of that bond is higher than the face value of that bond. Finally, if the bond is priced at a discount, the current price is lower than the face value of that bond. This price calculation represents the highest amount that you should pay for a bond based on what you want to earn from that bond.
Fundamentally, the price represents the value of all of the interest payments that you will receive in the future plus the discounted value of the bond (how much that $1,000 face value is worth today).