A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue

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A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue to yield 4.8% compounded quarterly. What were the proceeds from the sale of the note?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 05:42 AM

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A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue

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Proceeds Present value of the maturity value Fo...View the full answer

Fundamentals Of Business Mathematics In Canada

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