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Calculate the discount period and the amount of the discount

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Question - On May 3, a business sold $40,000 of merchandise receiving a 60 day 10% note receivable. On June 10, the business discounted the May 3 note at 12%.

A. Calculate the discount period and the amount of the discount.

B. Calculate the amount of the proceeds from the discounted note.

Reference no: EM132604161

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