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Ray Miller was looking for funds to support his company's expansion. His bank offered him a $25,000 simple discount note at 10% for 90 days. What are the proceeds for the loan? Use 360 days. O $25,000 O $25.625 O $24,375 O $24,383.56

Ray Miller was looking for funds to support his company's expansion. His bank offered him a $25,000 simple discount note at 10% for 90 days. What are the proceeds for the loan? Use 360 days. O $25,000 O $25.625 O $24,375 O $24,383.56

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Ray Miller was looking for funds to support his company's expansion. His bank offered him a $25,000 simple discount note at 10% for 90 days. What are the proceeds for the loan? Use 360 days. O $25,000 O $25,625 O $24,375 O $24,383.56
Transcribed Image Text:Ray Miller was looking for funds to support his company's expansion. His bank offered him a $25,000 simple discount note at 10% for 90 days. What are the proceeds for the loan? Use 360 days. O $25,000 O $25,625 O $24,375 O $24,383.56
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