Albert purchased Bonzo's car for $500 cash and a non-interest-bearing promissory note for $2,000 payable in two years. How much money can Bonzo expect to receive for the note if he immediately sells it to Corleone Finance Company at a discount rate of 30% compounded monthly? Round to the nearest dollar.

Answer rating: 100% (QA)

The discount rate of 30 is compounded monthly meaning the effective discoun... View the full answer