Question
Cullman National Bank was the payee of a $20,000 note dated Jun 3. The note was made for 90 days and was discounted at 16%.
Cullman National Bank was the payee of a $20,000 note dated Jun 3. The note was made for 90 days and was discounted at 16%. On August 2, the note was rediscounted at Decatur Bank at 15%. How much had Cullman received when it rediscounted the note?
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Stats Data And Models
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
4th Edition
321986490, 978-0321989970, 032198997X, 978-0321986498
