Question: Rex Corporation accepted a $15,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted

Rex Corporation accepted a $15,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.)

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