BACKGROUND On January 2, 2OY2, General Motors (GM) sold a Yukon Denali to a customer in exchange for a five-year, $70,000 face value note as payment. 3% interest is due each December 31 for the duration of the note. The customer's market rate of borrowing was 5%. This specific car model has a cost of $55,000. REQUIRED Answer the following questions regarding the sale. Round all amounts to the nearest whole dollar. 1. Was the note issued at a discount or a premium? 2. What is the fair market value (selling price) of the SUV on the date of sale? 3. What is the gross profit on the date of sale of inventory? BACKGROUND On January 2, 2OY2, General Motors (GM) sold a Yukon Denali to a customer in exchange for a five-year, $70,000 face value note as payment. 3% interest is due each December 31 for the duration of the note. The customer's market rate of borrowing was 5%. This specific car model has a cost of $55,000. REQUIRED Answer the following questions regarding the sale. Round all amounts to the nearest whole dollar. 1. Was the note issued at a discount or a premium? 2. What is the fair market value (selling price) of the SUV on the date of sale? 3. What is the gross profit on the date of sale of inventory