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Union bank discounted the note at a discount rate of 13

Question - Hernandez Engineering received a promissory note of $15,500 at 11% simple interest for 15 months from one of its customers. After 3 months, Union Bank discounted the note at a discount rate of 13%. Calculate the proceeds that Hernandez Engineering will receive from the discounted note?

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Accounting Basics: Union bank discounted the note at a discount rate of 13

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