A note for $3,000 dated October 24, 2016 with interest at j12 = 8% is due two years later on October 24, 2018. On March 10, 2017, the holder of the note sells it to a third party who charges j4 = 9%. Find the purchase price of the note, assuming simple interest is charged for the fractional part of the interest period.

Answer rating: 100% (QA)

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