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(Solution) - Mike Kornas signed a 12 month 11 p a simple interest promissory

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Mike Kornas signed a 12-month, 11% p.a. simple interest promissory note for $12 000 with MacDonald?s Furniture. After 100 days, MacDonald?s Furniture sold the note to the Royal Bank at a rate of 13% p.a. Royal Bank resold the note to Friendly Finance Company 25 days later at a rate of 9% p.a. Find the gain or loss on this note for each company and bank involved.


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This question was answered on: Jul 11, 2017

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