Question
You wish to sell a 180 day Note that promises to pay $96,000 at maturity. The applicable simple interest rate is 5.12% per annum. If
You wish to sell a 180 day Note that promises to pay $96,000 at maturity. The applicable simple interest rate is 5.12% per annum. If the sale occurs 88 days before maturity, calculate the proceeds (P) of the sale. Give your answer in dollars and cents to the nearest cent.
P = $
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International Financial Reporting And Analysis
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
8th Edition
978-1473766853, 1473766850
