# usiness finance

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On May 12, Bob Campbell accepted a \$5,000 note in granting a time extension of a bill of goods bought by Rick Wean. Terms of the note were 8% for 120 days. On July 8th, 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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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 …