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On March 31, Dower Publishing discounted a $31,000 note at a local bank. The note...

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Accounting

On March 31, Dower Publishing discounted a $31,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 8% on May 31. The banks discount rate is 10%. How much cash will Dower receive from the bank on March 31?

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