Casey Electronics sold some computers for $10,000 and established a promissory note requiring 9% compounded semi-annually, and due in 4½ years. After 2 years, the note was finance company for $11,025.68. What is the discounted rate, assuming it is compounded monthly? Note. Please make sure your final answer(s) are in percentage form and are aco 2 decimal places. For example 34.56%

Casey Electronics sold some computers for $10,000 and established a promissory note requiring 9% compounded semi-annually, and due in 4½ years. After 2 years, the note was finance company for $11,025.68. What is the discounted rate, assuming it is compounded monthly? Note. Please make sure your final answer(s) are in percentage form and are aco 2 decimal places. For example 34.56%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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