Alan borrowed $30000 from Janet due in 5 years at 10% monthly. 2 years after the debt is contracted, Janet sells the note to Burt for an amount based on 8% monthly. How much does Janet receive (the proceeds)?
Alan borrowed $30000 from Janet due in 5 years at 10% monthly. 2 years after the debt is contracted, Janet sells the note to Burt for an amount based on 8% monthly. How much does Janet receive (the proceeds)?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 19DQ
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Alan borrowed $30000 from Janet due in 5 years at 10% monthly. 2 years after the debt is contracted, Janet sells the note to Burt for an amount based on 8% monthly. How much does Janet receive (the proceeds)?
* I am unsure on what to do in this problem and how to solve it. I would really appreciate the help here. Thanks so much!
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