Determine the proceeds of the note

Reference no: EM132819114

Problem 1: Gene sells Note 1 below to Dennis on Jan 1, Y + 1. What does Dennis pay if he is willing to pay at 7%simple interest?

NOTE 1: Three years and 9 months after Jan 1, Y, Abel promises to pay Gene or order

1,000 and accumulated interest from this date at the rate 6% simple interest

Problem 2: A 3-month promissory note for 2,000, dated Apr. 20, Y and earning simple interest at 7% is to be sold in order to raise some needed cash. Determine the proceeds of the note if it is sold on June 20, Y to yield the purchaser a 9% simple rate of return.

Reference no: EM132819114

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