A promissory note for $600 dated May 15, 2016, requires an interest payment of $150 at maturity.

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A promissory note for $600 dated May 15, 2016, requires an interest payment of $150 at maturity. If interest is at 9% compounded monthly, determine the due date of the note.

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

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

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Question Posted: Feb 26, 2016 03:51 AM

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A promissory note for $600 dated May 15, 2016, requires an interest payment of $150 at maturity.

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PV 60000 I 15000 FV 75000 I Y 9 C Y 12 i 075 00075 75000 600...View the full answer

Contemporary Business Mathematics with Canadian Applications

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