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April 24, 2014

Homework Help: Business Finance

Posted by Terry on Thursday, February 2, 2012 at 9:20am.

Mobile Oil Company accepted a $10,000, 120 day note, dated March 3, at 8.5% to settle a past due accounts receivable. Mobile Oil discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Mobile Oil receive?

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