Question: On May 1 2011 Bob s Music renegotiated its overdue account
On May 1, 2011, Bob’s Music renegotiated its overdue account balance of $2,500 with Spectrum Electronics by signing a two-month promissory note at an interest rate of 5%. What is the principal amount of the note? What is the due date of the note? How much will Bob’s Music repay on the due date of the note?
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