The Amount Owed on a Promissory Note for $950 After

question 163

Short Answer

The amount owed on a promissory note for $950 after two years and five months is $1082.11. What monthly compounded nominal rate of interest was charged on the debt?

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Definitions:

Conveyed

Transferred or passed on ownership, rights, or properties from one person to another.

Immediate Possession

Immediate possession refers to a legal situation where an individual or entity has the right to take control of a property or asset without delay.

Hayfield

A field where hay is grown, usually for agricultural purposes such as feeding livestock.

Reversion

A return to a previous state or condition.