Alex borrowed $5,000 on March 25, 2021 and signed a 6-month promissory note with a simple interest
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Alex borrowed $5,000 on March 25, 2021 and signed a 6-month promissory note with a simple interest rate of r = 5%. Today (May 7th), the note is sold to a bank for $5,067.10. What simple interest rate, r, did the bank use to determine the proceeds?
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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