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On October 15, Daniel Miller Accepted a $5,000, 60-Day, 8

Question 25

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On October 15, Daniel Miller accepted a $5,000, 60-day, 8% note from Bill Boyer granting a time extension on a past-due amount. Daniel discounted the note at Volve Bank at 9% on Oct. 26. Use ordinary interest. Calculate Daniel's proceeds.

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5,000 × .08 × 60/360 = $66.67;...

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