How much would friend receive from sale of promissory note

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How much would your friend receive from the sale of the promissory note?

You borrow $5,000 at a simple 15% interest rate from your friend for 18 months in order to purchase new furniture and sign on a promissory note on your borrowing. 5 months later, your friend sells the promissory note to a bank that charges a 20% discount rate (Bank discount).

Reference no: EM13804008

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