Question
Grant signs a note promising to pay Justin $1000 at 8% compounded monthly in 3 years. However, 6 months before maturity, Justin sells the note
Grant signs a note promising to pay Justin $1000 at 8% compounded monthly in 3 years. However, 6 months before maturity, Justin sells the note to Angela who discounts the note based on 15.75% bank discount rate. a. Find the maturity value of the note. b. How much did Justin receive from the sale of the note to Angela?
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Essentials Of Health Care Finance
Authors: William O. Cleverley, James O. Cleverley, Paula H. Song
7th Edition
0763789291, 978-0763789299
