Question
A $ 120,000 promissory note signed on April 1 maturing in 8 months and with 5% simple interest is sold to Ariel on July 14
A $ 120,000 promissory note signed on April 1 maturing in 8 months and with 5% simple interest is sold to Ariel on July 14 on the basis of a return on investment of 6% ordinary compound. How much does Ariel pay for the document?
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Step: 1
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
