Does the time maturity affect the extent to which interest rate changes affect the bond’s price?

Answer 1

Yes. Think of the bond as a string of payments...say a coupon every year, plus repayment of principal at maturity. Now discount each of those payments by time and the prevailing interest rate. Add up all the discounted payments and you have the approximate value of the bond at current rate. To make it simple, if rates go up, the value of the bond decreases, and the longer the bond, the more it will decrease.