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The Face Value of a Note Is $5,290 with an Interest

Question 46

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The face value of a note is $5,290 with an interest rate of 8%. The time is based on 60 days in a 360-day year, and the loan was taken out on March 17. The note has been discounted 16% on April 3. What are the proceeds?

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$5,258.08; The due date is May 16. The t...

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