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March 10 Virginia signed a note to Bingham Co. for $1,200 on an amount owed. The note carried a 12% interest rate for a term

March 10 Virginia signed a note to Bingham Co. for $1,200 on an amount owed. The note carried a 12% interest rate for a term of 60 days. On the fifth day of the note, Bingham Co. discounted it for 10% to First Trust Bank.

What proceeds did Bingham Co. receive after the discount?

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