Question: A five-year $7,400 promissory note bearing interst at 6% compounded monthly (12) was sold after two years and three months. Calculate the sale price using

A five-year $7,400 promissory note bearing interst at 6% compounded monthly

A five-year $7,400 promissory note bearing interst at 6% compounded monthly (12) was sold after two years and three months. Calculate the sale price using a discount rate of 10% compounded quarterly (4). Round your answer to 2 decimal places

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