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A building contractor gives a $13500 promissory note to a plumber who has loaned him $13500. The note is due in nine months with interest
A building contractor gives a $13500 promissory note to a plumber who has loaned him $13500. The note is due in nine months with interest at 9%. Three months after the note is signed, the plumber sells it to the bank. If the bank gets a 10% return on its investment, how much will the plumber receive? Will it be enough to pay the bill for $13650?
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