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QUESTION 4 Toby signed a simple discount promissory note for $20,000. The discount rate is 8.5%, and the term of the note is 90 days.

QUESTION 4 Toby signed a simple discount promissory note for $20,000. The discount rate is 8.5%, and the term of the note is 90 days. What are Todd's proceeds on the loan? a $19,600 b. $16.000 OC. $19,200 d. $19.575

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