On May 16, 20X1, Safeway Company received a 90-day, 8 percent, $7,400 interest-bearing note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 14, Safeway received a notice that Black had paid the note and the interest on the due date.

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