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Abe Corp. discounted a 120-day note with a maturity value of $8,000 dated June 8 at the Village Bank on Sept. 2, at a discount rate of 9%. Use ordinary interest. How much did Abe receive?

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abdullahfarooqi

Answer:

Abe receive = $ 7767

Explanation:

Abe receive = (maturity Value)/(1+ discount rate*120/360)

Abe receive = 8000/(1+ 9%*120/360)

Abe receive = $ 7767

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