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OpenStudy (anonymous):
Webster Video received a promissory note of $8,000 for 9 months at 7% simple interest from one of its customers. After 4 months, the note was discounted at Jefferson Bank at a discount rate of 10%. What are the proceeds Webster Video will receive from the discounted note?
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OpenStudy (tkhunny):
What would be paid at the end of 9 months if the bank hadn't gotten involved?
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