Question: Leyla borrows $1400 from Sam for 7 year(s) at 11.5% compounded quarterly. Then, 1 year(s) before maturity, Sam sells the note to Bill who discounts

Leyla borrows $1400 from Sam for 7 year(s) at 11.5% compounded quarterly. Then, 1 year(s) before maturity, Sam sells the note to Bill who discounts it based on 13% compounded monthly.

How much did Bill pay Sam for the note?

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