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A borrower has two alternatives for a loan: ( a ) issue a $ 4 8 0 , 0 0 0 , 6 0 -

A borrower has two alternatives for a loan: (a) issue a $480,000,60-day, 8% note or (b) issue a $480,000,60-day note that the creditor discounts at 8%.(Assume a 360-day year is used for interest calculations.)

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