Question: A bank accepts a time draft with a 45 -day maturity and a face value of $1,200,000. If the bank charges a commission of 2.5%,

A bank accepts a time draft with a 45 -day maturity

A bank accepts a time draft with a 45 -day maturity and a face value of $1,200,000. If the bank charges a commission of 2.5%, and discounts the BA to yield 0.8%, how much will the holder of the BA receive net of the discount and commission

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