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A $4,700 promissory note is issued on November 12 for an 11-month term (February is a leap year) carrying an annual interest rate of 12%.

A $4,700 promissory note is issued on November 12 for an 11-month term (February is a leap year) carrying an annual interest rate of 12%. It is sold on July 3 with a negotiated interest rate of 16%. Determine the proceeds of the sale.

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