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On July 1, Aron Englard discounts at the bank: a customers 6-month, $14,000 note dated March 1 and bearing interest at 10% per annum. The

On July 1, Aron Englard discounts at the bank: a customer"s 6-month, $14,000 note dated March 1 and bearing interest at 10% per annum. The bank accepts the note with recourse and discounts it at 12%.

Determine the note"s maturity value, the discount, the proceeds, and the book value of the note.

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