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Finding the amount of sale of the note

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Splish Brothers loans money to Luck Corporation in the amount of $300,000. Splish Brothers accepts an 8% note due in 9 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Splish Brothers needs money and therefore sells the note to Denver National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Splish Brothers will receive on the sale of the note?

Reference no: EM132700965

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