[Solved] On May 7, Ralph Blue Accepted a $5,000 Note from Dick

Question 83

Essay

Question 83

Essay

On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note were 7% for 180 days. On Aug. 19, Ralph could no longer wait for the money and discounted the note at Tover Bank at a discount rate of 8%. Calculate Ralph's proceeds. Use ordinary interest.

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