A bond is essentially a loan. When you purchase a bond, you are essentially lending money to an organization-perhaps to a government or a city-and they agree to repay you along with some form of interest, over some period of time.
All bonds have some basics:
Face Value: That is the amount which the organization promises to return to you at the end.
Interest Rate (or "Coupon" Rate): The rate at which they will pay you regularly as interest in percent of the face value.
Maturity Date: The date when they will return your original investment.
Let's assume you bought a $1,000 bond that pays 3% interest and has five years to maturity. You earn $30 in interest each year, just 3% on $1,000, and after five years, you'll get your $1,000 back.

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