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Consider the following timeline of payments on a $40,000 note receivable on Ella Companys books: Cash received 6/30/Y1: $1,400 Cash received 12/31/Y1: $1,400 Cash received
- Consider the following timeline of payments on a $40,000 note receivable on Ella Companys books:
- Cash received 6/30/Y1: $1,400
- Cash received 12/31/Y1: $1,400
- Cash received 6/30/Y2: $1,400
- Cash received 12/31/Y2: $1,400
- Cash received 6/30/Y3: $1,400
- Cash received 12/31/Y3: $41,400
When the note was issued, the prevailing market interest rate was 5% APR. Which of the following types of notes is this note?
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Accounting Costing And Management
Authors: Riad Izhar, Janet Hontoir
2nd Edition
9780198328230
