Determine javiers purchase price

Reference no: EM13302774

On June 3, 1977, Alan borrowed $3,000 from Chan and gave Chan a promisory note at an annual rate of simple interest of 10% and a maturity date of May 15, 1978. Javier purchased the note from Chan on December 20, 1977 based on a simple discount at an annual rate of 12%, with time measured using the "actual/actual" method. Determine Javier's purchase price.

Reference no: EM13302774

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Determine javiers purchase price : Javier purchased the note from Chan on December 20, 1977 based on a simple discount at an annual rate of 12%, with time measured using the "actual/actual" method. Determine Javier's purchase price.

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