Question: On may 12 Clarence accepted a $5,000 note in granting a time extension of bill for goods bought by seine. Terms of the note were

On may 12 Clarence accepted a $5,000 note in granting a time extension of bill for goods bought by seine. Terms of the note were 8% for 120 days. On July 8, Clarence needed to raise a cash and discounted note at seijis bank at the discount rate of 9%. Calculate Clarence's proceeds using ordinary interest

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