Question
On April 10, Karim Darmati accepted a note for $10,000 with 9% simple interest, due on December 6. Assume a 360-day year. Karim needed cash
On April 10, Karim Darmati accepted a note for $10,000 with 9% simple interest, due on December 6. Assume a 360-day year. Karim needed cash and took the note to First City Bank, which agreed to buy the note at a discount of 12.5%. The transaction was made on July 7. How much did Karim receive for the note?
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Finance For Nonfinancial Managers
Authors: Gene Siciliano
2nd Edition
0071824367, 978-0071824361
