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Vet Manager Exam Prep

Category - CVPM

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Evergreen Animal Care Center issued a $5000 60-day note to a supplier, who discounted the note 12%. What are the proceeds from this note?

$4,900
$4,400
$5,000
$5,100

Explanation

Answer: A-The proceeds from the note are $4,900.00. This is determined by adding the face amount of the note ($5000) plus interest ($5000 x 12% x 60/360) = 100 subtracted from the original amount of $5000 equals $4,900 in proceeds.

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