Question: A note worth $4,000,000 bears interest at 2% per month and has a maturity of 60 days. If it is canceled after 45 days of

A note worth $4,000,000 bears interest at 2% per month and has a maturity of 60 days. If it is canceled after 45 days of expiration.


Calculate the default interest and the total amount to be paid?


How many months must elapse for $812,000 placed at 2.2% bimonthly to become $910,252?

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