Question
Dubois Inc. loans money to John Kruk Corporation in the amount of $836,000. Dubois accepts an8% note due in6years with interest payable semiannually. After2years (and
Dubois Inc. loans money to John Kruk Corporation in the amount of $836,000. Dubois accepts an8% note due in6years with interest payable semiannually. After2years (and receipt of interest for2years), Dubois needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of10% compounded semiannually. What is the amount Dubois will receive on the sale of the note?
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
2nd Canadian Edition
