A Business Accepted a Note of $9,000 Plus a $1,000

question 49

Short Answer

A business accepted a note of $9,000 plus a $1,000 service fee to be paid in 12 months. Not long after, the business arranged for a local bank to purchase the debt for a factoring fee of 4 percent. How much will the business receive from the bank?

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Definitions:

Prepared Document

A document that has been created, compiled, or written in advance for a specific use or purpose.

Supervisor Signature

An endorsement or approval by a supervisor or higher authority, often required on official documents.

Documentation

The process of recording the details of a particular process or event, or the materials that provide evidence or information.

Immunization Schedule

A detailed plan outlining the timing and type of vaccines to be administered, aimed at preventing infectious diseases.