Cullumber Inc. loans money to John Kruk Corporation in the amount of $656,000. Cullumber accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Cullumber needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Cullumber will receive on the sale of the note
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Cullumber Inc. loans money to John Kruk Corporation in the amount of $656,000. Cullumber accepts an...
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