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Jone Corporation Accepted a $25,000, 8%, 120-Day Note on July

Question 33

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Jone Corporation accepted a $25,000, 8%, 120-day note on July 8. Jone discounted the note on September 4, at Rool Bank at 7%. What proceeds did Jone receive? Use ordinary interest.

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MV = 25,000 × .08 × 120/360 = ...

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