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On May 5, a company accepted an $8500 note in settlement of a bill. The note was for 160 days at 9.75% simple interest. The
On May 5, a company accepted an $8500 note in settlement of a bill.
The note was for 160 days at 9.75% simple interest.
The company sells the note to a loan company at a 12.0% discount 30 days after receipt.
Find the bank discount and the proceeds.
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Step: 1
First lets calculate the maturity value of the note Maturity Value ...
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South-Western Federal Taxation 2020 Comprehensive
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
43rd Edition
357109147, 978-0357109144
