Bennett Sales holds a 180-day note of $7,500 that has an interest rate of 8% annually. After

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Bennett Sales holds a 180-day note of $7,500 that has an interest rate of 8% annually. After 60 days, the note is sold to a bank at a discount rate of 7% annually. Find the proceeds on the third-party discount note.
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...
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Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

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