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I followed the process for a Bank Discount Note (BDN) as taught in class:

1. determine discount period

2. determine proceeds

Problem:

What is the proceeds of a $6,500 bank discount note that is payable at the end of 6 months but discounted after 3 months at 15% discount interest rate?

Solution:

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Your Discount period calculated is correct, as "the discount period is the period between the last day on which the discount terms are still valid and the date when the invoice is ... See the full answer