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a. Calculate the unknown variable for the following interest-bearing promissory note. b. Give a real-life example of a noninterest-bearing promissory note. Why would a business

a. Calculate the unknown variable for the following interest-bearing promissory note.

b. Give a real-life example of a noninterest-bearing promissory note. Why would a business offer such a deal?

Issue Amount $18,200 Term of Note 4 years Interest Rate on Note 9.45% compounded monthly Date of Sale (before maturity) 1 years Discount Rate 15% compounded quarterly Sale Proceeds $?

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