Seven years and two months after its date of issue, an 11-year promissory note for $8200 bearing

Question:

Seven years and two months after its date of issue, an 11-year promissory note for $8200 bearing interest at 13.5% compounded monthly is discounted at 10.5% compounded semi-annually. Find the proceeds of the note.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 03:51 AM

See More Questions

A four-year, non-interest-bearing promissory note for $3750 is discounted 32 months after the date of issue at 5.5% compounded semi-annually. Find the proceeds of the note.
A four-year $8000 promissory note bearing interest at 13.5% compounded monthly was discounted 21 months after issue to yield 12% compounded quarterly. What were the proceeds from the sale of the note?
A 10-year note for $1200, bearing interest at 6% compounded monthly, is discounted at 8% compounded quarterly 3 years, 10 months after the date of issue. Find the proceeds of the note.
In its income statement for the year ended December 31, 2020, Bramble Company reported the following condensed data. Operating expenses $754,570 Interest revenue $28,440 Cost of goods sold 1,339,800...
In a simple linear regression based on 30 observations, it is found that b1 = 7.2 and se(bj) = 1.8. Consider the hypotheses: H0: 1 10 and HA: 1 < 10. a. At the 5% significance level, find the...
Related Information: Lease term 1 years ( 1 2 monthly periods ) Monthly lease payments $ 5 2 , 0 0 0 on January 1 , 2 0 2 4 , through December 1 , 2 0 2 4 . Economic life of asset 5 years Interest...
Explain the difference between range and endurance.
Lamont Company produced 80,000 machine parts for diesel engines. There was no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required:...
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Date Purchased 1/23/1999 Basis...
There are 2 shinobis with chakra levels 5 and 10 respectively and the desired sum of chakra levels is utmost 15 Starting with ke0, suy of chakra levels after attack max(5-0,0) + max(10- 0,0) 5+10 15....
Compute the proceeds of a non-interest-bearing note for $1100 three years and seven months before the due date, if money is worth 7.5% compounded annually.
A $10 200 debt will accumulate for five years at 11.6% compounded semi- annually. For how much will the debt sell three years after it was incurred if the buyer of the debt charges 10% compounded...
Using the data in problem 7.5, determine the best process for each of the following volumes: (1) 75,000, (2) 275,000, and (3) 375,000. In problem 7.5, Meile Machine Shop, Inc., has a 1-year contract...
Write the following expression in expanded form. (x+5)4 In (x-1)x+2
You lend out $1000 and get it back in 12 monthly payments of $88 each. The nominal interest rate you earned on your investment is? (answer in % to the nearest 0.1%)
ORGANIZATIONAL CULTURE - CHURNING OUT A NEW CULTURE QUESTIONS: Summarize the meaning of organizational culture. Using specific examples from the Manager's Hot Seat video titled 'Organizational...
A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands) Previous Year Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on...
1. Find the zero's (aka roots) of the polynomial function and state the multiplicity of each (a) (x-1) (b) (x-3)2(x-1) (c) (x+5)(x-4)(x+1) (d) (x+5)2(x-4)(x+1) (e) (x+5)3(x-4)(x + 1) (f) x(x-1)(x+1)...
Let f (x) = x/(x 2 - 1), g(x) = (1 - x)/(1 + x), and h(x) = 2/(3x + 1). Express the following as rational functions. f (x) + g(x)
Citing a scientific article, explain in your own words, how DNA fingerprinting has been used in forensic science to solve crimes and why it may not always be accurate or effective.
Find the amount that should be set aside today to yield the desired future amount; use Table 13 - 3 (See Example 2) or the appropriate formula (See Examples 3 and 4). Future amount needed 1. $4,000...
Dewey Sykes plans to open a business in four years when he retires. How much must he invest today to have $10,000 when he retires if the bank pays 2% annually, compounded quarterly?
Charlie Bryant has a child who will be college age in five years. How much must he set aside today to have $20,000 for college tuition in five years if he gets 1.5% annually, compounded annually?
Hi, could someone please help me with this. I need the letter to be nearly two hundred words. This is the assignment below: You are an architect who is working for Dream Homes Company in Toronto....
Discussion Board Post - Read the speech example from the textbook below. Then answer the questions in blood at the bottom. "As a veterinarian and owner of a small-animal practice, you work closely...
The Essentials of Technical Communication (Tebeaux & Dragga), Oxford U. Press, Third Edition - I. Please explain how a proposal is an argumentative or persuasive piece of writing -- and the four key...

Seven years and two months after its date of issue, an 11-year promissory note for $8200 bearing

Question:

Step by Step Answer:

Solution Step 1 Promissory note amounting to 8200 is to be redeemed after 11 years using interest ra...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions