Question
On March 1, Alex company issued a $460,000, non-interest bearing (discounted) 90 day no to James bank for short term borrowing. The prevailing market rate
On March 1, Alex company issued a $460,000, non-interest bearing (discounted) 90 day no to James bank for short term borrowing. The prevailing market rate was 6%. Assume each month has 30 days in each year has 360 days. How much cash did James receive from Alex bank on March 1?
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Money Banking and Financial Markets
Authors: Stephen Cecchetti, Kermit Schoenholtz
5th edition
77536320, 77536329, 1259746747, 978-1259746741
