Mr. X lends $20,000 to Mr. Y on May 6, 2021. A promissory note is written...

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Mr. X lends $20,000 to Mr. Y on May 6, 2021. A promissory note is written by Mr. Y at a simple interest rate of 9%, with a due date of October 6, 2021. The maturity value of the note is $20,769.32. The note was sold by Mr. X on June 26, 2021 to Mr. C who discounts the note at a simple discount rate of 8%. What price does Mr. receive for the note? O $20,291.34 $20,305.00 O $20,302.09 $20,315.15 Mr. X lends $20,000 to Mr. Y on May 6, 2021. A promissory note is written by Mr. Y at a simple interest rate of 9%, with a due date of October 6, 2021. The maturity value of the note is $20,769.32. The note was sold by Mr. X on June 26, 2021 to Mr. C who discounts the note at a simple discount rate of 8%. What price does Mr. receive for the note? O $20,291.34 $20,305.00 O $20,302.09 $20,315.15

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Promissory note is a negotiable instruments which creates the ... View the full answer