notamathguy11
New member
- Joined
- Mar 23, 2009
- Messages
- 3
Hello I am have trouble with a problem of mine.
A note of $75,000 is due in 6 years with interest at 9%. At the end of 2 years the note is discounted by a third party who charges 12% interest compounded monthly. How much does the third party pay for the note at the time of discounting?
I'm not sure if the formula for this would start with P=S(1+i)^n.
Please help.
A note of $75,000 is due in 6 years with interest at 9%. At the end of 2 years the note is discounted by a third party who charges 12% interest compounded monthly. How much does the third party pay for the note at the time of discounting?
I'm not sure if the formula for this would start with P=S(1+i)^n.
Please help.