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On December 15, Lawlers Company went to the bank and discounted a 10%, 90-day, $14,000 note dated October 21. The bank charged a discount rate

On December 15, Lawlers Company went to the bank and discounted a 10%, 90-day, $14,000 note dated October 21. The bank charged a discount rate of 12%. What were the proceeds of the note?

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