A seven-year interest-bearing note for $19,950 at 8.1% compounded quarterly is issued on January 19, 2006. Four years and 11 months later, the note is discounted at 14.55% compounded monthly. 

Determine the proceeds on the note and how much interest the original owner of the note realized?

Answer rating: 100% (QA)

To solve this problem we need to use the compound interest formula A P1 rnnt where A the amount of m... View the full answer