How much will the plumber receive

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Reference no: EM131495553

A building contractor gives a $15,000 promissory note to a plumber who has loaned him $15,000. The note is due in 9 months with interest at 9%. Three months after the note is signed, the plumber sells it to a bank. If the bank gets a 10% return on its investment, how much will the plumber receive? Will it be enough to pay a bill for $15,054?

Reference no: EM131495553

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