Solved: Approach to compute cost of promissory note, Finance Basics

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Approach to compute cost of promissory note

Question: ABC company draws a promissory note with a face value of $ 100,000. It is issued on 1st July and matures on 31st July

a) What is the interest rate if drawer receives $99,023?

b) How much is obtained by drawer if the interest rate is 12% p.a.?

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Finance Basics: Approach to compute cost of promissory note

Reference No:- TGS02086134

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