Homework Help Forum: Accounting

Posted by Eric on Tuesday, November 3, 2009 at 8:07pm.

Hi guys, please help me solve this question. Please tell me how exectly should I solved this question. Thanks. On September 1, 2000, ABC Company received an 7000, 12%, 120 day note from a credit customer wishing to extend its repayment period. On october 1st, 2000, thirty days after the note was received, ABC discounted the note at the bank at 14%. How much cash did ABC company received from the bank?

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