Marin Inc. loans money to John Kruk Corporation in the amount of $1,024,000. Marin accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Marin needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Marin will receive on the sale of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Marin Inc. loans money to John Kruk Corporation in the amount of $1,024,000. Marin accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Marin needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Marin will receive on the sale of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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