Peral 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 semiannual. After 2 years (and receipt of interest for 2 years), Peral needs money and therefore sells the note to Chicago National Bank which demands interest on the note of 10% compounded semiannually. What is amount Pearl will receive on the sale of the note? (Round factor values to 5 decimal places). Amount received on sale of note is $
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Peral 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 semiannual. After 2 years (and receipt of interest for 2 years), Peral needs money and therefore sells the note to Chicago National Bank which demands interest on the note of 10% compounded semiannually. What is amount Pearl will receive on the sale of the note? (Round factor values to 5 decimal places).
Amount received on sale of note is $
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