What price did the bank pay for the note

Reference no: EM133291024

Question: Claire borrows $5000 on March 25, 2022 and signs a 6-month promissory note. The loan interest rate is r = 5%. On May 7, 2022, the note was sold to a bank that discounted the note at r = 3.0%.

What price did the bank pay for the note?

Reference no: EM133291024

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