Coupon Rate Formula | Step by Step Calculation (with Examples) Do the Calculation of the coupon rate of the bond. Annual Coupon Payment Annual coupon payment = 2 * Half-yearly coupon payment = 2 * $25 = $50 Therefore, the calculation of the coupon rate of the bond is as follows - Coupon Rate of the Bond will be - Example #2 Let us take another example of bond security with unequal periodic coupon payments.