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August 20, 2014

Homework Help: business and finance

Posted by maria on Monday, August 13, 2012 at 12:49pm.

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

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