An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000.

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An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of discount.
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Fundamentals of Investment Management

ISBN: 978-0078034626

10th edition

Authors: Geoffrey Hirt, Stanley Block

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Posted Date: Feb 26, 2021 03:59 AM

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An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000.

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Face value 120000 Discount ... View the full answer

Fundamentals of Investment Management

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