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Calculating the proceeds of a discounted note

One July 19, Noras salon issued a 90-day note with face value of $40,000 to Charah hair products for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 4%

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In case the note is discounted, then the interest is deducted ...

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The solution explains how the calculate the proceeds of a discounted note payable

$2.19