Webster Digital received a promissory note of $8,000 for 9 months at 7% simple interest from one of its customers. After 4 months, the note was discounted at Bank of Aventura at a discount rate of 10%. What are the proceeds Webster Digital will receive from the discounted note? (Round to the nearest cent)

Answer rating: 100% (QA)

Maturity value is given by where P is the initial value of the promissory ... View the full answer