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On October 30, Seba Salon, Inc

Question 101

Multiple Choice

On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $60,000 to Reyes Products, Inc. for merchandise inventory. Assuming a 360-day year, determine the proceeds of the note assuming the note is discounted at 8%.


A) $55,200
B) $64,800
C) $58,800
D) $61,200

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