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Calculate the amount of the discount

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Reference no: EM131623016

Question: 1. A promissory note using the banker's rule has a face value of $5,000 and is discounted by the bank at the rate of 14%. If the note is made for 180 days, find the amount of the discount.

2. Find the rate of simple interest on a $1,200 loan that requires the borrower to repay a total of $1,302 after one year.

Reference no: EM131623016

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