Sam buys a rare stamp for his stamp collection at an auction. he buys the stamp for 920£ the stamp increased in value by 7% in e
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The due date of the promissory note is May 24th 2013.
Data;
- Present Value (PV) = $3600
- Interest = $370
- Future Value (FV) = PV + I = $3600 + $370 = $3970
To calculate the due date of the note, we can use the formula of future value of the note.
Let's take the natural log of both sides
This is approximately 12 months and 9 days.
The due date of the promissory note is May 24th 2013.
Learn more on promissory note here;