Determine what proceeds will hafers receive

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Reference no: EM13332838

Hafers, an electrical supply company, sold $3,200 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 3.75% interest. The due date was August 8. Short of funds, Hafers contacted Charter One Bank on July 9; the bank agreed to take over the note at a 5.05% discount.
What proceeds will Hafers receive?

Reference no: EM13332838

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