After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted...
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Accounting
After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%.
The proceeds received from the bank upon discounting would be the:
a) Maturity value less the discount at 18%.
b) Maturity value plus the discount at 18%.
c) Face value less the discount at 18%.
d) Face value plus the discount at 18%.
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