Question: (1 point) A long term promissory note with a maturity value of $4800.56 is due on April 5, 2013. On June 7, 2010, the holder

(1 point) A long term promissory note with a maturity value

(1 point) A long term promissory note with a maturity value of $4800.56 is due on April 5, 2013. On June 7, 2010, the holder of the notes sells it to a bank who discounts the note at j2 = 16%. Using the practical method, calculate the price the bank paid for the note. Answer: $

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