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Kevin purchased a 91-day non-interest-bearing promissory note with a face value of $1,000 with a simple interest rate of 3.40% p.a. a. How much did
Kevin purchased a 91-day non-interest-bearing promissory note with a face value of $1,000 with a simple interest rate of 3.40% p.a. a. How much did Kevin pay for the promissory note? $244.26 o $967.12 o $795.02 $991.59 b. After 36 days, Kevin sold the promissory note to his friend when the simple interest rate for it increased to 5.75% p.a. What was his selling price? $991.41 O $240.24 O $945.63 O $791.43
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