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On September 3, 1992, Mr. Lovett buys some equipment from the Excello Company. He signs...

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Accounting

On September 3, 1992, Mr. Lovett buys some equipment from the Excello Company. He signs a note promising to pay $3000 with interest at 14% compounded semiannually in 18 months. On December 3, 1992, the Excello Company sells the note to a finance company that charges an interest rate of 16% converted quarterly for discounting. How much does the Excello Company get for the note?

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