Bob signs a note promising to pay Marie $3875 in 3 years at 9.5% compounded monthly....
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Bob signs a note promising to pay Marie $3875 in 3 years at 9.5%compounded monthly. Then, 102 days before the note is due, Mariesells the note to a bank which discounts the note based on a bankdiscount rate of 18.5%. How much did the bank pay Marie for thenote? $
Bob signs a note promising to pay Marie $3875 in 3 years at 9.5%compounded monthly. Then, 102 days before the note is due, Mariesells the note to a bank which discounts the note based on a bankdiscount rate of 18.5%. How much did the bank pay Marie for thenote? $
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