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On November 2, Paul Matthews Signed a 120 Day, $75,000 1314%13 \frac { 1 } { 4 } \%

Question 39

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On November 2, Paul Matthews signed a 120 day, $75,000 simple discount promissory note at the Northridge Savings Bank. The discount rate was 1314%13 \frac { 1 } { 4 } \% ordinary interest. What proceeds will Paul receive on the note?

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