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Four years and five months after its date of issue, a 7-year promissory note for $8900.00 bearing interest at 5.04% compounded monthly is discounted at
Four years and five months after its date of issue, a 7-year promissory note for $8900.00 bearing interest at 5.04% compounded monthly is discounted at 6.5% compounded semi-annually. Find the proceeds of the note. Remember there are no days of grace for promissory notes longer than one year. And don't forget the two steps
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