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Choi Home Repair received a promissory note of $12,500 for 17 months at 7% simple interest from one of its customers. After 11 months, the

Choi Home Repair received a promissory note of $12,500 for 17 months at 7% simple interest from one of its customers. After 11 months, the note was discounted at Jefferson Bank at a discount rate of 9%. What are the proceeds Choi Home Repair will receive from the discounted note?

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