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Determine the proceeds of the note

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Reference no: EM132877926

Problem - Proceeds from notes payable - On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory.

Required -

a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.

b. Determine the proceeds of the note, assuming the note is discounted at 8%.

Reference no: EM132877926

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