A $6000, three-year promissory note bearing interest at 11% compounded semiannually was purchased 15 months into its

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A $6000, three-year promissory note bearing interest at 11% compounded semiannually was purchased 15 months into its term for $6854.12. What monthly compounded discount rate was used in pricing the note?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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A $6000, three-year promissory note bearing interest at 11% compounded semiannually was purchased 15 months into its

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Maturity valueof the note PV 1 i n 6000 105...View the full answer

Business Mathematics In Canada

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