Homework Help: Math

Posted by Diane on Friday, August 5, 2011 at 12:24pm.

On May 12, Bob Campbell accepted a $5,000 note in granting a time extension of a bill of goods bought by Rick Ween. Terms of the note were 8% for 120 days. On July 8, Bob needed to raise cash and discounted the note at Rick's bank at a discount rate of 9%. Calculate Bob's proceeds.

I am getting 2 different answers...please show how you get your answer.

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