Demands interest on the note

Reference no: EM13127053

Derek Lee Inc. loans money to John Kruk Corporation in teh amount of $600,000. Lee accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Lee 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 Lee will receive on the sale of the note?

Reference no: EM13127053

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