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The Face Value of a Note Is $1,250 with an Interest

Question 7

Multiple Choice

The face value of a note is $1,250 with an interest rate of 13%. The time is based on 180 days in a 360-day year. The note has been discounted at 17% two months before the maturity of the note. What are the proceeds?


A) $1,293.53
B) $1,285.42
C) $1,277.08
D) $1,250.00

Correct Answer:

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