Question
On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5% $400,000 promissory note with a due date of December 31,
On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable on January 1 of each year. Notes with similar risk have a market rate of interest of 10%. Set financial calculators to zero decimal place. Required: (a) Determine the value of the following: N, I/Y, PMT, FV.
Question 2 (b) The present value of the note was?
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Financial Accounting
Authors: Kermit D. Larson, William W. Pyle
4th Edition
0256067813, 978-0256067811
