A long term promissory notes for $20 000 is signed on April 15,2010.It is due on October 15,2013 at j₂ = 6%.The maturity value of the note is $24 597.48.The note is sold on April 15,2011 to a bank that discounts the note at j₄ = 8%.What are the proceeds? A)$21,218.00 B)$20,582.07 C)$20,292.30 D)$20,178.50

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The Answer of A long term promissory notes for $20 000 is signed on April 15,2010.It is due on October 15,2013 at j₂ = 6%.The maturity value of the note is $24 597.48.The note is sold on April 15,2011 to a bank that discounts the note at j₄ = 8%.What are the proceeds? A)$21,218.00 B)$20,582.07 C)$20,292.30 D)$20,178.50

A Long Term Promissory Notes for $20 000 Is Signed