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(8) Foresail Company received from a customer a one-year, P 500,000 note bearing annal interest of g% Fie months pnor to maturity. Forsal discounted the

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(8) Foresail Company received from a customer a one-year, P 500,000 note bearing annal interest of g% Fie months pnor to maturity. Forsal discounted the note at City Bank at an effective interest rate of 10%. What were the proceeds from the note discounting

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