How much is the bank going to receive on the day of the note, Financial Accounting

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How much is the bank going to receive on the day of the note

Problem

Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former owes the latter $69,000. The simple interest note is dated Dec. 28 and carries an interest of 8%. The note is then sold by Darcy to a bank on March 17 at a discount rate of 12%. How much is the bank going to receive on the 200th day of the note?

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Financial Accounting: How much is the bank going to receive on the day of the note

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Financial Accounting: How much is the bank going to receive on the day of the note

Reference No:- TGS03238724

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