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1. (10 points) John is the original owner of an interest-bearing promissory note for $10,000 for 90 days with simple interest rate of 10%. After

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1. (10 points) John is the original owner of an interest-bearing promissory note for $10,000 for 90 days with simple interest rate of 10%. After 30 days John sells it to a bank that discounts notes at 12% simple interest rate. (a) What did the bank pay John for the note? (b) What simple interest rate did John earn

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