The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly were $6055.62. How long before its maturity date was the note sold if it was discounted to yield 10.5% compounded monthly?

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The Answer of The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly were $6055.62. How long before its maturity date was the note sold if it was discounted to yield 10.5% compounded monthly?

The Proceeds from the Sale of a $4500 Five-Year Promissory