Question: John had a note that would pay him $1000 plus 10% interest compounded quarterly at the end of five years. He sold the note two

John had a note that would pay him $1000 plus 10% interest compounded quarterly at the end of five years. He sold the note two years before it was due at 9% compunded monthly. What proceeds did he receive?

- I am confused whether to treat $1000 as a future value or present value in this case. I have treated $1000 as present value to answer this question and got $1369.607 as the proceeds john received and the net interest = $369.61. Not sure this is the right way. Please guide.

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