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QUESTION
On July 10, Joe Morrison Financial Services bought a $15,000 promissory note. The note had been written on May 8, was for 120 days, and had an...
On July 10, Joe Morrison Financial Services bought a $15,000 promissory note. The note had been written on May 8, was for 120 days, and had an interest rate of 8%. Joe's company discounted the note at 10%. Calculate the interest, maturity value, maturity date, days of discount, discount amount, and proceeds.
