A four-year $7000 promissory note bearing interest at 10.5% compounded monthly was discounted 18 months after issue

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A four-year $7000 promissory note bearing interest at 10.5% compounded monthly was discounted 18 months after issue to yield 9.5% compounded quarterly. What were the proceeds from the sale of 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 08:01 AM

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A four-year $7000 promissory note bearing interest at 10.5% compounded monthly was discounted 18 months after issue

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Maturity valueof note 7000 ...View the full answer

Business Mathematics In Canada

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