Business, 31.05.2020 04:58 xxxanitaxxx

A borrower has two alternatives for a loan: (1) issue a $480,000, 60-day, 8% note or (2) issue a $480,000, 60-day note that the creditor discounts at 8%. (Assume a 360-day year is used for interest calculations.) Required: a. Calculate the amount of the interest expense for each option. $ for alternative (1) $ for alternative (2) b. Determine the proceeds received by the borrower in each situation. Alternative 1 $ proceeds Alternative 2 $ proceeds

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A borrower has two alternatives for a loan: (1) issue a $480,000, 60-day, 8% note or (2) issue a $48...

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