The proceeds from the sale of a $4500 five-year promissory note bearing interest at 5% compounded quarterly

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The proceeds from the sale of a $4500 five-year promissory note bearing interest at 5% compounded quarterly were $5277.81. How many months before its maturity date was the note sold if it was discounted to yield 6.3% compounded monthly?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 05:37 AM

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The proceeds from the sale of a $4500 five-year promissory note bearing interest at 5% compounded quarterly

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Fundamentals Of Business Mathematics In Canada

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