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9.7 Discounting notes receivable An $8,000, 90 day, 12 percent note receivable is discounted to a bank after it has been held for 30 days.

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9.7 Discounting notes receivable An $8,000, 90 day, 12 percent note receivable is discounted to a bank after it has been held for 30 days. The bank discount rate is 16 percent. Required: Determine the proceeds from the discounting of the

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