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A borrower has two alternatives for a loan: (a) issue$480,000, 60-day, 8% note or (2) issue a S480 000, 60-day note that the creditor discounts

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A borrower has two alternatives for a loan: (a) issue$480,000, 60-day, 8% note or (2) issue a S480 000, 60-day note that the creditor discounts at 8%. year is used for interest calculations) (6 points) Required Calculate the amount of the interest expense for each option. Determine the proceeds received by the borrower in each situation

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