(c) Pearl Inc. loans money to John Kruk Corporation in the amount of $832,000. Pearl accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Pearl 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 received on sale of note LINK TO TEXT LINK TO TEXT LINK TO TEXT
(c) Pearl Inc. loans money to John Kruk Corporation in the amount of $832,000. Pearl accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Pearl 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 received on sale of note LINK TO TEXT LINK TO TEXT LINK TO TEXT
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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