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DRF Financing borrows a certain amount from ABC Bank on Sept 1, Y and signs a promissory note to pay the bank a total of
DRF Financing borrows a certain amount from ABC Bank on Sept 1, Y and signs a promissory note to pay the bank a total of 25,000 at the end of 7 years. The bank sells this note to XYZ Lending on Sept 1, Y+4. If XYZ Corporation insists on discounting the note at the discount rate 5%, what will be the payment of XYZLending ?
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
