Question
On 1 November, Year 1, Noble Co. borrowed $80,000 from South Bank and signed a 12% (annual rate), six-month note payable, all due at maturity.
On 1 November, Year 1, Noble Co. borrowed $80,000 from South Bank and signed a 12% (annual rate), six-month note payable, all due at maturity. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?
Select one:
a. $82,400.
b. $89,600.
c. $80,000.
d. $84,800.
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An Introduction to Derivative Securities Financial Markets and Risk Management
Authors: Robert A. Jarrow, Arkadev Chatterjee
1st edition
978-0393912937, 393912930, 393913074, 978-0393920949, 393920941, 978-0393913071
