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    Practical Business Math Procedures Study Set 1
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    Exam 11: Promissory Notes, Simple Discount Notes, and the Discount Process
  5. Question
    Morris Bank Discounts a 100-Day Note for $6,000 at 11
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Morris Bank Discounts a 100-Day Note for $6,000 at 11

Question 31

Question 31

Essay

Morris Bank discounts a 100-day note for $6,000 at 11%. Find (A) bank discount and (B) proceeds. Use ordinary interest.
A. $183.33;
B. $5,816.67

Correct Answer:

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