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A $7,000, 4%, 120-Day Note Dated March 20, Is Discounted

Question 30

Multiple Choice

A $7,000, 4%, 120-day note dated March 20, is discounted on July 15. Assuming a 3% discount rate, the bank discount is:

A) $1.74
B) $1.77
C) $7.11
D) $17.68
E) None of these

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