Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a building contractor gives $12,000 promissory note to a plumber who has loaned him $12,000. The note is due in 9 months with interest at

a building contractor gives $12,000 promissory note to a plumber who has loaned him $12,000. The note is due in 9 months with interest at 9%. six months after the note is signed, the plumber sells it to a bank. If the bank gets a 10% return on its investment, how much will the plumber receive ? Will it be enough to pay a bill for $12,104? how much will the plumbee receive ? round to nearest cent as needed


 

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the amount the plumber will receive when selling the promissory note to the bank we nee... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Peoples History Of The United States

Authors: Howard Zinn

1st Edition

0062397346, 978-0062397348

Students also viewed these American History questions