Concord Inc. loans money to John Kruk Corporation in the amount of $752,000. Concord accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Concord needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Concord will receive on the sale of the note?
PLEASE LIKE THE ANSWER IF YOU FIND IT HELPFUL OR YOU CAN COMMENT IF YOU NEED CLARITY / EXPLANATION ON ANY POINT.
Get Answers For Free
Most questions answered within 1 hours.