Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company at a discount rate of 11% compounded quarterly. What are the proceeds of the sale? (answer(s) should be rounded to the nearest cent.)
Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company at a discount rate of 11% compounded quarterly. What are the proceeds of the sale? (answer(s) should be rounded to the nearest cent.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 5RE: Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit...
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Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company at a discount rate of 11% compounded quarterly. What are the proceeds of the sale? (answer(s) should be rounded to the nearest cent.)
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