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August 2, 2014

Homework Help: Promissory Notes

Posted by Scott on Saturday, March 15, 2008 at 7:39pm.

On September 5th, Sheffield Company discounted at Sunshine Bank a 9000.00 (maturity value), 120-day note dated June 5th. Sunshine's discount rate was 9%. What proceeds did sheffield company receive. We are using 360 day and NOT 365

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