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On March 31, Dower Publishing discounted a $48,000 note at a local bank. The note was dated February 28 and required the payment of the
On March 31, Dower Publishing discounted a $48,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 10% on May 31. The banks discount rate is 12%. How much cash will Dower receive from the bank on March 31
| Maturity value | |
| Discount | |
| Cash proceeds |
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