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Business, 06.03.2020 00:38 david838843

On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $45,600. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $ b. Determine the proceeds of the note, assuming the note is discounted at 8%.

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On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of...

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