Find the proceeds on the third-party discount note

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A man holds a note of $5,000 that has an interest rate of 12% annually. The note was made on March 19 and is due November 11. He sells the note to a bank on June 11 at a discount rate of 11% annually. Find the proceeds on the third-party discount note. (use the bankers rule) The proceeds are?

Reference no: EM131055591

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