A promissory note for $600.00 dated January 15, 2017, requires an interest payment of $90.00 at maturity. If interest is at 9% p.a. compounded monthly, determine the due date of the note. The due date is (Round down to the nearest day.)
A promissory note for $600.00 dated January 15, 2017, requires an interest payment of $90.00 at maturity. If interest is at 9% p.a. compounded monthly, determine the due date of the note. The due date is (Round down to the nearest day.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:A promissory note for $600.00 dated January 15, 2017, requires an interest
payment of $90.00 at maturity. If interest is at 9% p.a. compounded monthly,
determine the due date of the note.
The due date is
(Round down to the nearest day.)
Transcribed Image Text:How long will it take $1466.00 to accumulate to $1700.00 at 9% p.a.
compounded quarterly? State your answer in years and months (from 0 to
11 months).
The investment will take year(s) and
month(s) to mature.
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