Excel Electronics Is Eastern Alberta Accepted a 6-Month Promissory Note

question 75

Multiple Choice

Excel Electronics is Eastern Alberta accepted a 6-month promissory note from a customer for the $3950 balance owed on the purchase of a refrigerator. The note was dated November 8, 2015 and charged interest at 6.99%. The store's proprietor sold the promissory note 38 days later to Standard Union finance company at a price that would yield Standard Union 19% rate of return on its purchase price. What price did Standard Union pay to the proprietor of Excel Electronics?

• A) $4089.94
• B) $4087.67
• C) $3797.12
• D) $3799.22

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Minnesota Multiphasic Personality Inventory

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