five year promissory note with a face value of $5000, bearing interest at 6% compounded semi-annually, was sold 18 months after its issue date to yield the buyer 4% compounded quarterly. What amount was paid for the note?
five year promissory note with a face value of $5000, bearing interest at 6% compounded semi-annually, was sold 18 months after its issue date to yield the buyer 4% compounded quarterly. What amount was paid for the note?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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A five year promissory note with a face value of $5000, bearing interest at 6% compounded semi-annually, was sold 18 months after its issue date to yield the buyer 4% compounded quarterly. What amount was paid for the note?
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