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An investors lends $5000 and receives a promissory note promising repayment of the loan in 90 days with 8.5% simple interest. This note is immediately
An investors lends $5000 and receives a promissory note promising repayment of the loan in 90 days with 8.5% simple interest. This note is immediately sold to a bank that charges 8% simple interest. how much does bank pay for the note?
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The bank pays 5425 for the note The investors profit is 425 The banks profit on th...
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Financial Institutions Management A Risk Management Approach
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
8th edition
978-0078034800, 78034809, 978-0071051590
