A Promissory Note Has a Face Value of $4500 and It

question 62

Multiple Choice

A promissory note has a face value of $4500 and it carries an interest rate of 8.73% for a period of 4 months (including the period of grace) . It is sold 3 months before the legal due date.What is the present value of the note on the date of sale if money is worth 8.2%?

• A) $4573.92
• B) $4537.92
• C) $4357.92
• D) $4592.37
• E) $4777.92

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