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What proceeds did faust incorporated receive

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Question - Faust, incorporated accepted a $10,000, 120-day note dated March 3 at 8 1/2 % to settle a past-due account receivable. Faust, Incorporated discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Faust, Incorporated receive? Use ordinary interest.

Reference no: EM133068984

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