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On April 15, 2019, 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, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $125,900. The interest rate charged by the bank was 5.50%. The bank made the loan on a discount basis.

Required: a-1. Calculate the loan proceeds made available to Powell.

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