Calculate vinny proceedings using ordinary interest

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On May 12, Vinny accepted a $5,000 note granting a time extension of a bill for goods bought by Jones. Terms of the note were 8% for 120 days. On July 8, Vinny needed to riase cash and discounted the note at Jones's bank at a discount rate of 9%. Calculate Vinny's proceedings using ordinary interest. PLEASE SHOW ALL WORK AND CALCULATIONS SO THAT I CAN UNDERSTAND THE BREAKDOWN OF THIS PROBLEM!

Reference no: EM131993594

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