Your friend signs a promissory note for $2,000 for 30 days with a rate of 2.25% attached. After fifteen days, you realize you need the money and sell the promissory to another friend to yield you 3.00%. How much interest did your friend earn in interest (dollar amount) for holding the promissory note for the last fifteen days?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 6P
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Your friend signs a promissory note for $2,000 for
30 days with a rate of 2.25% attached. After fifteen
days, you realize you need the money and sell the
promissory to another friend to yield you 3.00%.
How much interest did your friend earn in interest
(dollar amount) for holding the promissory note for
the last fifteen days?
Transcribed Image Text:Your friend signs a promissory note for $2,000 for 30 days with a rate of 2.25% attached. After fifteen days, you realize you need the money and sell the promissory to another friend to yield you 3.00%. How much interest did your friend earn in interest (dollar amount) for holding the promissory note for the last fifteen days?
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