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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The Answer of 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?

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