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A borrower has two alternatives for a loan: (a) issue a $480,000, 60 day, 8% note or (2) issue a $480,000, 60-day note that the

A borrower has two alternatives for a loan: (a) issue a $480,000, 60 day, 8% note or (2) issue a $480,000, 60-day note that the creditor discounts at 8% (Assume a 300-day year is used for nterest calculations) Required Calculate the amount of the interest expense for each option Determine the proceeds received by the borrower in each situation image text in transcribed

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