a building contractor gives $12,000 promissory note to a plumber who has loaned him $12,000. The note
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Question:
a building contractor gives $12,000 promissory note to a plumber who has loaned him $12,000. The note is due in 9 months with interest at 9%. six months after the note is signed, the plumber sells it to a bank. If the bank gets a 10% return on its investment, how much will the plumber receive ? Will it be enough to pay a bill for $12,104? how much will the plumbee receive ? round to nearest cent as needed
Expert Answer:
To calculate the amount the plumber will receive when selling the promissory note to the bank we nee... View the full answer
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