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Karim lends $8000 to Ebram on September 23, 2006. Ebram signs a promissory note, with the note due in 10 months. The maturity value of
Karim lends $8000 to Ebram on September 23, 2006. Ebram signs a promissory note, with the note due in 10 months. The maturity value of the note is $8536.55. Karim sells the note to a bank on February 23, 2007. If the bank wishes to earn r= 8%, what price does Karim get for the note using exact time and 3 days of grace? Multiple Choice $8264.83 $8259.57 $8261.18
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