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On April 15, 2016, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer
On April 15, 2016, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $481,500. The interest rate charged by the bank was 5.50%. The bank made the loan on a discount basis.
a-1. Calculate the loan proceeds made available to Powell.
Loan Proceeds
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