Question: 38) A note dated June 5 is discounted on October 3 at 11%. The face value of the note is $960, the interest rate is

38) A note dated June 5 is discounted on October 3 at 11%. The face value of the note is $960, the interest rate is 8 1/2%, and the maturity date is November 2 find:

a) The maturity value

b) The discount

c) The proceeds

d) The amount of interest earned by the first payee

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