Question

what is the par value of a bond

Answer 1

Par value is also referred to as the face value of a bond.
Par value is the the amount that the bond issuers promise to repay the bondholders at maturity.
The dollar value of coupon payments on the bonds is also calculated by using the par value.

Coupon payment amount=(Coupon interest rate)*(Face value)
If coupon rate > yield to maturity, then a bond sells at premium (above the par value).
If coupon rate < yield to maturity, then a bond sells at a discount (below the par value).
If coupon rate = yield to maturity, then a bond sells at par (equal to the par value).