Accepted an interest-bearing note

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Reference no: EM131761085

MAK, Inc., accepted an interest-bearing note for $10,000 with 9% annual ordinary interest. The note was made on April 10 and was due December 6. MAK needed cash and took the note to First United Bank, which offered to buy the note at a discount rate of twelve and a half percent. The transaction was made on July. How much cash did MAK receive for the note?

Reference no: EM131761085

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