Peter buys an item from Sue and signs a note to pay $475 in 10 months. Then,

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Peter buys an item from Sue and signs a note to pay $475 in 10 months. Then, 1 month before the note comes due, Sue sells the note to a bank which discounts the note based on 12.5% simple interest.

How much did the bank pay Sue for the note?

Related Book For answer-question

Financial Accounting and Reporting a Global Perspective

ISBN: 978-1408076866

4th edition

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

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Posted Date: Sep 20, 2023 12:58 AM

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Peter buys an item from Sue and signs a note to pay $475 in 10 months. Then,

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Financial Accounting and Reporting a Global Perspective

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