A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue

Question:

A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue to yield 4.8% compounded quarterly. What were the proceeds from the sale of the note?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 05:42 AM

See More Questions

Suppose affiliate A sells goods worth $1 million monthly to affiliate B on 30 day credit terms. A switch in credit terms to 120 days will involve a one-time shift in cash of a) $3 million from A to B...
A four-year $8000 promissory note bearing interest at 13.5% compounded monthly was discounted 21 months after issue to yield 12% compounded quarterly. What were the proceeds from the sale of the note?
A four-year $7000 promissory note bearing interest at 10.5% compounded monthly was discounted 18 months after issue to yield 9.5% compounded quarterly. What were the proceeds from the sale of the...
Private carriage is more important in the motor carrier segment of our transportation industry than any of the other four major modal segments. What factors have contributed to private carriage...
A completely evacuated, insulated, rigid tank with a volume of 8 m3 is filled from a steam line transporting steam at 450oC and 3.5 MPa. Determine (a) The temperature of steam in the tank when its...
Describe the basic types of coordinate transformation in CAD, and then show how these may all be calculated using matrix operations through the homogeneous coordinate with an example of matrix. How...
Of all 1,672,395 members of the high school class of 2014 who took the SAT (Scholastic Aptitude Test), 793,986 were minority students. Give the relevant proportion using correct notation.
You serve as the trustee for the Josephine Frederick testamentary income trust. The trust was created by the will of her late husband, John. Under the terms of John's will, all assets are transferred...
The Paige Company wants to develop a cost equation to determine its total electricity cost for a given month. It has determined that kilowatt hours used is the best predictor of electricity cost. It...
Given the radius vectors: r1 = 3i - 2j + k r2 = 3i + 4j +9k r3 = -i +2j +2k Find the magnitude of r3, (r1 + r2 + r3), and (r1 - r2 + 4r3)
A loan of $4000 at 4.5% compounded monthly requires three payments of $1000 at 6, 12, and 18 months after the date of the loan, and a final payment of the full balance after two years. What is the...
Teresita has three financial obligations to the same person: $2800 due in 1 year, $1900 due in 1 years, and $1100 due in 3 years. She wishes to settle the obligations with a single payment in 2 ...
Steam flowing through a long, thin-walled pipe maintains the pipe wall at a uniform temperature of 500 K. The pipe is covered with an insulation blanket comprised of two different materials, A and B....
First, using the assigned reading, explain the differences between strategic and tactical decisions. Also address how they are related to each other. Second, give a real-life example of each from...
Consider the route selected in the previous phase for the development of the following points. 1. Mention: a. Two advantages and two disadvantages of using charismatic leadership. b. Two necessary...
From a resort management perspective, what does the ideal seashore consist of? Name a few of the factors that make a great beach resort. What is a bulkhead, and what role does it play in marinas?...
A "read & sign" sheet does not in any way confirm knowledge and understanding. State and briefly explain two (2) valid methods for testing whether Federal aviation safety officer had acquired the...
1. prepare the consolidation worksheet entries for December 31, 2021; 2. prepare the consolidation worksheet entries for December 31, 2022. Assuming during 2022, Sierra reports net income of 200,000...
On January 2 of year 1, XYZ Corp. acquired a piece of machinery for $50,000. The asset recovery period for the assets is seven years for both regular tax and AMT purposes. XYZ uses the double...
Select the correct answer for each of the following questions. 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its...
A baseball fan has been collecting data from a newspaper on the various American League teams. She wants to explain each team's winning percentage as a function of its batting average and its earned...
After analyzing whether the number of ads is related to the number of customers, the manager in Exercise 16.99 decided to determine whether the advertising made any difference. As a result, he...
Refer to Exercise 18.44. a. Estimate a second-order model with interaction. b. Is this model valid in predicting the number of accidents? Test at the 10% significance level. In exercise 18.44 The...
In the Queries section of the Navigation Pane, right-click Stone Mountain Patients to select it and display the shortcut menu. 3. Click Copy on the shortcut menu. 4. Right-click the empty area near...
What is 'audit risk', and discuss/analyze the components of audit risk. b. List the four (4) things involved in the initial audit planning and which should be done early in the audit.
K Internal control is a plan of organization and a system of procedures, implemented by company. A. external auditors; management B. external auditors; board of directors OC. internal auditors;...

A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue

Question:

Step by Step Answer:

Proceeds Present value of the maturity value Fo...View the full answer

Fundamentals Of Business Mathematics In Canada

Students also viewed these Mathematics questions