An investor received a promissory note for $120,000 at an interest rate of 8% on July 15 with maturity in 150 days. On October 20 of the same year he offers it to another investor who wishes to earn 10%. How much does the first investor receive for the promissory note?
An investor received a promissory note for $120,000 at an interest rate of 8% on July 15 with maturity in 150 days. On October 20 of the same year he offers it to another investor who wishes to earn 10%. How much does the first investor receive for the promissory note?
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
Problem 1PS
Related questions
Question
6.-
An investor received a promissory note for $120,000 at an interest rate of 8% on July 15 with maturity in 150 days. On October 20 of the same year he offers it to another investor who wishes to earn 10%. How much does the first investor receive for the promissory note?
Note:
The original exercise is in the image, it is in Spanish, but it is easy to understand.
Another note:
Please put the procedure explained, thank you very much for your attention bartleby expert!
Transcribed Image Text:6. Un inversionista recibió un pagaré por valor de $120,000 a un interés del 8% el 15
de julio con vencimiento en 150 días. El 20 de octubre del mismo año lo ofrece a otro
inversionista que desea ganar el 10%. ¿Cuánto recibe por el pagaré el primer
inversionista?
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