Question: A note for $1000 dated January 1, 2014, is due 40 months later with interest at j12 = 12%. On May 1, 2014, the

A note for $1000 dated January 1, 2014, is due 40 months later with interest at j12 = 12%. On May 1, 2014, the holder sells the note to Jack & Associates Inc. for $1006.98. That same day the note is sold by Jack & Associates Inc. to a bank that discounts notes at j = 13%. What is the profit made by Jack & Associates Inc.?

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