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How much cash did clinton received from the bank

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Problem 1: If a 3-month noninterest bearing note receivable of ?10,00 is discounted at a bank a 10 percent. How much cash is received?

a. ?10

b. ?1,010

c. ?999

d. ?9,750

Problem 2: On June 1, Clinton Corp. accepted a customer's ?10,000, 9 percent 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Clinton received from the bank on the discounted note?

a. ?9,800.00

b. ?9,942.50

c. ?10,020.50

d. ?10,250.00

Reference no: EM132836621

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