Homework Help: math

Posted by Anonymous on Thursday, December 22, 2011 at 7:07pm.

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.

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