Question
Connors Company received a $4,000, 90-day, 10% note dated April 6 from one of its customers. Connors Company held the note until May 16, when
Connors Company received a $4,000, 90-day, 10% note dated April 6 from one of its customers. Connors Company held the note until May 16, when the company discounted it at a bank at a discount rate of 12%. What were the proceeds that Connors Company received?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
8th Edition
007322359X, 9780073223599
