QRB/501 A man holds a note of $4,000 that has an interest rate of 15% annually.

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June 8th, 2024

A man holds a note of $4,000 that has an interest rate of 15% annually. The note was made on March 19 and is due November 12. He sells the note to a bank on June 13 at discount rate of 14% annually. Find the proceeds on the third-party discount note. Use the banker’s rule.

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