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💡 Background: A promissory note is a written commitment from the borrower to repay the borrowed funds according to the agreed-upon terms.
Q1. When discounted to yield 10.5% compounded monthly, a $2600 three-year promissory note bearing interest at 12.25% compounded annually was priced at $3283.57. To the nearest month, how long after the issue date did the discounting take place?
Q2. When discounted to yield 9.5% compounded quarterly, a $4500 four-year promissory note bearing interest at 11.5% compounded semiannually was priced at $5697.84. To the nearest month, how long after the issue date did the discounting take place?