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Elizabeth received $9,200 from Stephanie in exchange for a promissory note. The face amount of the note is due in 10 months along with 5.6%
Elizabeth received $9,200 from Stephanie in exchange for a promissory note. The face amount of the note is due in 10 months along with 5.6% simple interest. Stephanie needs cash, so 3 months after the note is signed she goes to her bank which will pay her the maturity value of the note less a 7.3% discount fee. Find the amount of proceeds that Stephanie will receive.
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